The Blades were sent back to the Football League after being stripped of their Premier League 'share' at the organisation's Annual General Meeting.

However, chairman Kevin McCabe has still not waved the flag of surrender – and is clinging to the hope that arbitration on June 18 will save the Blades from relegation back to the Championship.

The Premier League sparked a revolt amongst top-flight clubs two months ago by failing to dock West Ham United points for breaking rules in the signing of Argentinian stars Carloz Tevez and Javier Mascharano.

Tevez subsequently played a saviour's role in the Hammers' battle against the drop and scored the winning goal against Manchester United on the final day of the season that sent the Blades down instead.

After weeks of bitter behind-the-scenes wrangling, a three-man panel of arbitrators has now been appointed to review the Premier League's decision and will conduct a hearing that is expected to last two days.

Lord Justice Sir Philip Otton will chair the panel alongside David Pannick QC, who has been nominated by the Blades, and leading barrister Nicholas Randall who has been nominated by the Premier League.

Although they cannot overturn the decision to fine the Hammers £5.5m, the panel can rule that the judgement was flawed and award compensation.

They can also declare that the original decision was unlawful and should be set aside.

If that is the case, the Blades would be in a strong position to lobby for re-instatement to the Premier League supported by a number of chairmen from top-flight rivals including Wigan Athletic, Fulham, Charlton Athletic and Middlesbrough.

McCabe wants the Premier League to hold a fresh disciplinary hearing into the 'Tevez affair' with emphasis on the fact that the Argentinian was allowed to continue playing, possibly in breach of league rules, after the decision was announced on April 27.

The Premier League attempted to pacify the angry club chairmen by saying that the offending contract between Tevez and his third party 'owners' had been ripped up and a new agreement put in place.

However, the Blades argue that such a deal is akin to signing a player outside of the transfer window – a luxury that was not afforded to any other club in the Premiership.

The Blades want evidence that there was no continuing breach of league rules and that Tevez was eligible to play.

Had it not been for his seven goals in the last 10 games, it is highly likely that the Hammers would have gone down instead of the Blades.

Relegation to the Championship means the Blades will miss out on a £60m windfall generated by improved television deals and commercial spin-offs.

McCabe has vowed to take the matter to the House of Lords and the European Parliament if necessary but his path will be governed by the decision of the three independent legal figures who will conduct the arbitration in 17 days time.

Pannick has acted for the Queen in proceedings against the Daily Mirror newspaper, the BBC in the House of Lords, and on behalf of tennis player Greg Rusedski in a successful fight against allegations of doping.

Randall is a regular member of the Premier League's disciplinary tribunal panel and also serves as standing counsel to the League Managers Association.

Over the last few years he has represented David O'Leary in a dispute with Leeds United and George Graham in a dispute with Tottenham Hotspur. He also represented Leeds Rhinos in a case against Iestyn Harris and the Bradford Bulls.

Lord Justice Ottan, 74, was appointed Lord Justice of Appeal in 1995, has served as a presiding judge in the Midland and Oxford circuit, and has also arbitrated for the Premier League previously.