The case centred on the issue of third-party ownership of the two players, who were signed from Corinthians, and also the club's failure to disclose details of the deals.
A points penalty could have been imposed, but a Premier League panel comprising of Simon Bourne-Arton QC, Lord Herman Ouseley and David Dent opted to mete out a financial sanction.
The panel opted to hand down a £5.5million fine, but West Ham have escaped a points deduction and can now focus on their battle to avoid relegation from the Premiership.
West Ham issued a statement responding to the verdict on their website, which read: "West Ham United Football Club was given an opportunity to present its case and received a fair hearing.
"The club's submission that the contracts gave no actual influence to any third party was accepted by the commission.
"The club has not been found guilty of fielding an unregistered player and speculation about a likely points deduction has proved to be unfounded.
"The club regrets the fact that they fell foul of the FA Premier League regulations, but the new owners of the club now want to focus on matters on the pitch and remaining in the Premiership.
"The threat of a points deduction has now been removed and the club's fate remains in its own hands.
"The club believes that promotion and relegation issues should be decided on the pitch and we are pleased that the commission agree with that view.
"The club will reflect on the financial penalty that has been imposed and will take advice before commenting on the possibility of an appeal or any further steps that might be taken."
West Ham face Wigan on Saturday and it remains to be seen if Tevez travels to The JJB, as the hearing report also said 'the registration of Carlos Tevez can be terminated' by the Premier League.
skysports.com
