FIFA, world soccer’s governing body, announced today that it has banned Sepp Blatter, its own president, from all soccer-related activities for eight years. Michel Platini, vice president, also received an eight-year suspension.

FIFA said that the ban relates directly to a 2 million Swiss Franc payment Platini, who is also president of UEFA, received from FIFA in February 2011. Blatter approved the payment, FIFA said, which had “no legal basis” based on an agreement they signed in August 1999.

“Neither in his written statement nor in his personal hearing was Mr Blatter able to demonstrate another legal basis for this payment. His assertion of an oral agreement was determined as not convincing and was rejected by the chamber,” FIFA said.

Blatter was defiant during a press conference in Zurich this morning, reports The Guardian and insisted that the payment was approved. He said he will fight the suspension.

“I will fight for me and I will fight for FIFA,” Blatter said. “Suspended for what? I spoke with my lawyer this morning and we were not surprised that the notification was made first to the media. This committee has no right to go against the president of FIFA. The president can only be removed by the congress. Even suspended, I am still the president. I regret, but I am not ashamed.”

In addition to the ban, Blatter was fined 50,000 Swiss Francs ($50,300). Platini was also fined 80,000 Swiss Francs ($80,500).

Blatter was previously suspended 90 days because of the payment to Platini.

Corruption has clouded FIFA, as the U.S. Justice Department is currently investigating several FIFA officials. Blatter had apparently resigned, but he later insisted that he didn’t, but had actually just called for an “extraordinary congress” to decide his fate. Today though, he said that he will be back.

“Human beings needs to be respected. It has created a lot of collateral damage in the families. My family was mocked,” Blatter said during today’s press conference. “I regret I am this punching bag. Fifa is still working well, I congratulate Barcelona to winning the Club World Cup. I am a man of principles. These principles are: never take money that is not earned. Secondly, pay your debts. I’ll be back.”