Peter Beardsley has been banned from all football and football-related activity for 32 weeks.
The punishment was handed out by an independent regulatory commission after the Football Association charged him with three breaches of rules relating to ethnic origin and/or race - while coach of Newcastle's Under-23 side.
The commission said of the ruling: "We regret the outcome that we have felt compelled to reach in this case. Mr Beardsley is a towering figure in football and his footballing reputation is beyond question.
"But on the three occasions which are the subject of the charges, he made remarks which were obviously racist and were wholly unacceptable. Even if he did not intend to do so, he plainly did cause offence.
"It is particularly important at a time when racism in football is prevalent that remarks of the kind made by Mr Beardsley are punished severely."
The written reasons continued: "We are satisfied that Mr Beardsley is not a racist in the sense of being ill-disposed to persons on grounds of their race or ethnicity.
"He is now 58 years of age. It is also relevant that he has not had the benefit of training and education about offensive racist remarks and the importance of not making them."
The ban will last until the 29th of April next year and he's vowed to return to football in the future.
"Peter Beardsley is very surprised and disappointed by the decision of the Regulatory Commission," the former England striker said in a statement through his legal team.
"It was almost impossible for Peter to clear his name because of the serious flaws and contamination of evidence that occurred in the disciplinary process before Newcastle United and by the unusual fact that The FA Rules put the burden of proof on him to prove his innocence in the proceedings.
"After a long process which has been unnecessarily protracted, Peter feels vindicated that the Commission has expressly found that he is not a racist.
"Surprisingly, Newcastle United did not provide the relevant training and education for Peter. Peter has always been willing and eager to attend all and any training organised by the club.
"Peter fully appreciates all the support over what has been a difficult period for him and his family, particularly that of previous manager and colleague Arthur Cox. Peter has categorically denied the allegations throughout whilst continuing to honour the contractual obligations of confidentiality to Newcastle United and maintaining his silence which in itself has been very difficult.
"With no avenue left open to him to clear his name, Peter has no choice but to acknowledge the decision and now looks forward to moving on with his life and resuming his career. He shall respect the sanction imposed and looks forward to returning to work in football, which has been his life, at the end of his suspension."
Beardsley has also been ordered to complete a face-to-face education course.
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