In their appeal Palace have requested an annulment of the decision by Uefa’s financial control body and readmission to the Europa League in place of either Forest or Lyon.
A decision is expected on or before 11 August, with the Europa League group stage beginning on 24 September.
The rules of European football’s governing body state that clubs owned, to a certain threshold of influence, by the same person or entity cannot compete in the same European competition.
Uefa’s rules set a deadline of 1 March 2025 to show proof of multi-club ownership restructuring – a deadline which Palace missed.
Palace argued Textor does not hold any decisive influence at the club, but Uefa did not accept the Premier League club’s defence.