Nationwide League action (BenRadford/Allsport)

League officials had insisted that the duo - parent companies of collapsed channel ITV Digital - were liable for the outstanding £178.5million owed to the League on a contract to screen matches from Divisions One, Two and Three and the Worthington Cup.

They warned that ITV Digital's demise would place the future of several Nationwide League clubs in jeopardy - and argued that the contract contained a back-up clause that Carlton and Granada would bail their subsidiary out of any financial trouble.

But the media companies hit back at the claims, saying that no such contract was ever signed and rejecting liability for parent guarantees over the cash owed to the League.

And on Thursday, High Court judge Justice Gordon Langley found in favour of the media companies, ruling that they were not liable for ITV Digital's debts.

The judge upheld the shareholders' assertion that there was no legally enforceable guarantee because offers made in a bid document during negotiations were always subject to contract - and there was no guarantee written into the final document.

He said: 'Neither company is liable to the football league for any sum due or damages payable for breach of the June contract made between the League and ITV Digital.'

And in a scathing conclusion, he added: 'In my judgment, the Football League's case remains just as unpromising at the finish as it looked at the start.'

League top brass say they have not ruled out the possibility of an appeal, and they have defended the decision to take legal action for the full amount rather than accepting any out-of-court settlement.

The decision means fresh fears for league clubs because - despite the signing of a new £95m BSkyB TV deal - the failure of ITV Digital's £315m contract will leave many facing a severe cash shortfall.

Many have budgeted taking into account the full ITV Digital cash amount - and now face coping with significantly less.

The verdict was reached after a three-day hearing, and has sparked speculation that the League could now embark on legal action against the law firm that helped draw up the three-year ITV Digital contract.

A statement from Carlton and Granada read: 'Carlton Communications plc and Granada plc welcome the judgement given today in the High Court declaring that neither Carlton nor Granada have any liability whatsoever to The Football League Limited in connection with the broadcast rights contract between the Football League and ONdigital.'

League chief executive David Burns said: 'The League were naturally disappointed by the outcome.

'The ITV Digital bid letter and the promise of ongoing funding from the parent companies were instrumental in ITV Digital's bid for the rights being successful.

'The League will now consider grounds for appeal, and I would pay tribute to supporters for backing their clubs in the claims against Carlton and Granada.'

Clubs have reacted furiously to the judgement, and Gillingham chairman Paul Scally blasted: 'It's a very, very sad day for football. Many clubs will now look at their situation, and it could look push them over the edge.''

'Carlton and Granada have basically shafted football and shafted clubs good and proper, and if clubs collapse fans should lay the blame firmly at their door.'

Norwich City chief executive Neil Doncaster said the court's decision had left the carrow Road club facing a £4million shortfall and added: 'This deficit of £4million over the next two years is in addition to normal operating losses.