FIFA’s appeals committee has upheld all soccer-related activity bans on Sepp Blatter and Michel Platini.
However, the suspensions have been reduced from eight to six years.
Sepp Blatter, FIFA’s outgoing president, and UEFA President Michel Platini were found guilty of breaches surrounding a $2 million “disloyal payment” to Platini.
They both deny any wrongdoing and have said they will appeal to the Court of Arbitration for Sport.
Sepp Blatter, 79, and Michel Platini, 60, said the payment honored a verbal or gentleman’s agreement made in 1998 for work carried out by the Frenchman when he was a technical advisor for Blatter.
Swiss Sepp Blatter said in a statement that he was “very disappointed by the appeal committee of FIFA”.
Michel Platini said it was “insulting and shameful” and a “political decision”.
The committee said “activities and services rendered to FIFA, UEFA and football” was a mitigating factor.
FIFA’s presidential election is due to take place on February 26 to find Sepp Blatter’s replacement.
Sepp Blatter had already announced he was quitting after reports emerged he was under investigation in the United States.
Michel Platini had been tipped as a future leader of soccer’s world governing body and is a three-time European Footballer of the Year.
In a statement released after the announcement, Michel Platini said the accusations were without foundation and completely made up “beyond reality”.
He said the communication of the decision was done with “an unbearable arrogance” and that Friday’s congress would be remembered in history with the “mark of illegitimacy”.
“I am the victim of a system which has only had one goal – to stop me standing for the president of FIFA,” Michel Platini added.
The decision not to overturn the suspensions follows a 12-year ban imposed on Jerome Valcke, who was sacked as secretary general of world football’s governing body last month.
Jerome Valcke, the man responsible for running FIFA’s day-to-day administration, was found guilty of misconduct over the sale of World Cup tickets, abuse of travel expenses, attempting to sell TV rights below their market value and destruction of evidence. He also denies wrongdoing.