FIFA has rejected the appeals of Real Madrid and Atletico Madrid to stand on the transfer bans imposed on both teams. The ban will prevent both teams from signing players until 2018.
"The FIFA Appeal Committee has decided to reject the appeals lodged by Spanish clubs Atlético de Madrid and Real Madrid and to confirm in their entirety the decisions rendered by the FIFA Disciplinary Committee in the respective cases relating to the protection of minors," the world football governing body announced on their website on Thursday.
"Additionally, Atlético de Madrid and Real Madrid have been fined CHF 900,000 and CHF 360,000 respectively, while both clubs have been issued with a reprimand and a warning and given 90 days in which to regularise the situation of all minor players concerned.
"The grounds of the decisions taken by the FIFA Appeal Committee were communicated to the parties concerned today."
Real Madrid have however vowed to appeal the decision at the Court of Arbitration for Sport.