FIFA's ethics committee has banned Sepp Blatter and Michel Platini for eight years years from all football-related activities.
Platini's bid to succeed Blatter as FIFA president in a Feb. 26 election is now likely ended.
Ethics judges ruled that Blatter broke FIFA Code of Ethics rules on conflicts of interest, breach of loyalty and offering gifts.
Platini broke rules on conflict of interest and loyalty.
Both denied wrongdoing in 2011 when Platini took two million Swiss francs (£1.35 million) of FIFA money approved by Blatter as uncontracted salary for work as a presidential adviser from 1999-2002.