Sepp Blatter and Michel Platini have been suspended for eight years from all football-related activities following an ethical inquiry.
FIFA and UEFA executives have been found guilty of violating some € 2 million “unfair payment” made to Michel Platini in 2011.
The FIFA Ethics Commission found that Sepp Blatter and Michel Platini had demonstrated “abuse” of their positions.
“I will fight for me and for FIFA,” Sepp Blatter, 79, told a news conference.
Michel Platini said the decision was a “masquerade” designed to tarnish his name.
Both men continue to deny wrongdoing and intend to appeal to the Court of Arbitration for Sport (CAS).
Sepp Blatter and Michel Platini, 60, were also fined $ 50,000 and $ 80,000, respectively.
Despite the ban, both Sepp Blatter and Michel Platini will be allowed to attend matches – including Euro 2016 in France – if they buy privately.
FIFA chief since 1998, Sepp Blatter has already announced his resignation in the presidential election in February.
Michel Platini has been named the future leader of the world’s governing body of football and is the three-time European footballer of the year.
He is also a former captain of France and since 2007 is responsible for UEFA – the governing body of European football.
Unshaven and with plaster on his right cheek, Sepp Blatter was in a provocative mood at a press conference he had convened before public punishment.
“I will fight” he said.
“I will fight for me and for FIFA.”
Sepp Blatter said he was “really sorry” that he was still a “hit ball” and that he was polluted in the eyes of humanity.
He added that he believed he had convinced the FIFA ethics tribunal that FIFA’s payment to Michel Platini was legitimate.
He plans to appeal, first to FIFA, then to CAS. It may also take legal action under Swiss law if necessary.
“The decision is no surprise to me” he said in a statement.
“The procedure initiated against me by the FIFA Ethics Committee is a pure masquerade.
“It was deceptive to tarnish my name with bodies that I know well and that for me are deprived of any trust or legitimacy.”
UEFA, meanwhile, issued a statement saying it was “extremely disappointed” with the decision.
He added: “Once again, UEFA supports Michel Platini’s right to a proper trial and the opportunity to clear his name.”