Sepp Blatter and Michel Platini have been banned from football for eight years.
The pair have been punished for the £1.35m FIFA president Blatter gave to Platini in February 2011 as a salary for unofficial work he undertook as a presidential adviser from 1999-2002.
Ethics judges ruled that Blatter broke FIFA Code of Ethics rules on conflicts of interest, breach of loyalty and offering gifts, and UEFA president Platini broke rules on conflict of interest and loyalty.
Blatter’s spokesman has confirmed the 79-year-old will appeal and is prepared to take the case to the Court of Arbitration for Sport in Lausanne.
In a statement, FIFA’s ethics committee said: “Mr Blatter, in his position as President of FIFA, authorised the payment to Mr Platini which had no legal basis in the written agreement signed between both officials on 25 August 1999.
“Neither in his written statement nor in his personal hearing was Mr Blatter able to demonstrate another legal basis for this payment. His assertion of an oral agreement was determined as not convincing and was rejected by the chamber.”