Leeds United and Massimo Cellino have both been hit with a £250,000 fine by the English Football Association, while the Italian has been banned from involvement in football for 18 months, effective from 1st February 2017.
The FA has found Cellino and the club guilty of breaching its regulations governing football agents during the deal related to the sale of striker Ross McCormack to Fulham in July 2014.
Agent Derek Day has also been hit with a fine, the FA fining him £75,000, after he admitted breaching the FA's Football Agent Regulations. Day has also been suspended from intermediary activity for 18 months.
After seven months, Day's remaining 11 months suspension is suspended for two years and will only kick in if he breaches the regulations again.
In addition, Cellino must attend an FA education programme on the duties and responsibilities of an owner and director in the English game, with the programme to have been attended by 30th April 2017.
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The FA has also confirmed that both Leeds and Cellino have indicated they plan to appeal the verdict and punishment.
Cellino has recently been linked with looking to sell 50 per cent of Leeds to fellow Italian businessman Andrea Radrizzani.
It is unclear how much his suspension will effect Leeds, where he has been a hands-on owner.
