But Crystal Palace boss Warnock, who later left Bramall Lane after the club were relegated as the Argentina striker fired the Hammers to safety, believes the money is a poor substitute for the future the Blades could have enjoyed in the Premier League.

Sheffield United chairman Kevin McCabe claimed victory after a 16-month battle to right the perceived injustice of going down in place of a side who were fined a record £5.5m, but not deducted any points, for playing Tevez and Javier Mascherano in breach of league rules on third-party ownership.

The panel are yet to determine the size of the payout but although a figure of up to £30m has been suggested, Warnock believes something even more valuable was lost at the end of the 2006-07 season.

"It's a matter for justice and I think everyone in the country knows this is the right verdict," he said.

"They (Sheffield United) have only claimed for one season (in lost revenues) and what they would have missed out on on the field and off the field.

"That's what it comes to in today's game. It's not an awful lot at the top level...it's one good player.

"This justifies what Kevin McCabe has said all along: that we were hard done by, that it wasn't done legally and we were fighting for our rights.

"It's the principle of the whole thing. We were appalled by the original verdict."

Reflecting on the effect relegation to the Coca-Cola Championship had on the Blades, he added: "It was scandalous. It changed one or two lives and it shouldn't have happened. This verdict puts your faith back into the justice system.

"The club itself is geared up for the top level and it knocked us back no end.

"I think we would be doing very well (in the Premier League). It (relegation) is on my CV, which it shouldn't be."

Announcing the arbitration panel's findings, McCabe said: "The matter is still legally in process so I do not wish to comment any further until we have completed that process."

Tevez and Mascherano are both long gone from Upton Park, earning lucrative moves to Manchester United and Liverpool respectively, while Kia Joorabchian, whose MSI company were judged to have partially-owned the Argentinian pair, is now a transfer consultant with the Hammers.

He had originally taken legal action against the east London club, claiming he was owed £7.1m, but the parties agreed an out-of-court settlement earlier this year.

For their part, West Ham are now considering whether or not to appeal against this latest ruling through the Court of Arbitration for Sport, although that decision may hinge on the level of compensation that is fixed when the arbitration panel meets again to determine a figure.

Like Sheffield United, West Ham signalled their intent to withdraw from the debate while they consult legal representatives.

A club statement said: "The club will need to fully digest the findings of the arbitration panel and consult our lawyers on possible next steps. It would not be appropriate to comment further at this stage."

Following the news, the Blades could still be backed at a best price of 6/1 with bet365 to win promotion from the Championship this season.

A potential cash windfall could dramatically affect their capabilities in January's transfer window if, by that time, they know how much they're likely to receive and when they'll get it.

The Blades were mourning the death of club president Bernard Procter this week. He died suddenly last Sunday, aged 70.

Procter became Blades chairman in 1999, taking over from Mike McDonald amidst huge fan unrest after the sale of several key players and the departure of Adrian Heath, who was the club's fifth manager in four years.
Procter brought much-needed stability to his beloved United and was responsible for appointing Warnock as boss. He lasted eight years as Blades manager and took them back to the Premiership after a 12-year absence.

After announcing his retirement in 2002, Proctor became the club's president, a position that he held until he passed away.

Meanwhile, it was also revealed this week that striker Jon Stead had penned a three-year contract at Portman Road for an undisclosed fee after initially joining Ipswich Town on loan.

Stead has had a great start to life in Suffolk and scored on his debut in the Tractor Boys' 2-0 win against Reading last weekend. The former Blackburn and Huddersfield frontman will link-up with another ex-Blade, Alan Quinn, who signed for Town in January.

The 25-year-old, 6ft 3in marksman, scored 11 goals in 32 appearances, 15 as a substitute, for the Blades after joining for £750,000 from Sunderland in January 2007.