Dec 22: The bans have been imposed by Fifa's ethics judge Hans-Joachim Eckert for a "disloyal payment" of €1.8 million in Swiss Francs made to Uefa president Platini in 2011, signed off by outgoing Fifa president Blatter.
He and Platini both claimed the payment was made following a verbal agreement between the pair when the Frenchman worked for Blatter from 1998 to 2002 though not paid until nine years later.
But the explanation was rejected as "not convincing" by the ethics committee, though it did add the evidence had not been sufficient to secure charges of corruption.
A statement from the ethics committee said: "Mr Blatter's actions did not show commitment to an ethical attitude, failing to respect all applicable laws and regulations as well as Fifa's regulatory framework to the extent applicable to him and demonstrating an abusive execution of his position as president of Fifa, hence violating article 13 of the FCE (general rules of conduct)."
It added: "Mr Platini failed to act with complete credibility and integrity, showing unawareness of the importance of his duties and concomitant obligations and responsibilities."
Blatter, wearing a plaster on his face following the removal of a mole, vowed to fight the sanctions and claimed: "I'll be back."
Blatter (79) used Fifa's former headquarters in Zurich for his news conference - he hired it as a private citizen, but it still houses Fifa's marketing department - and said he would appeal to Fifa's appeals committee, then the Court of Arbitration for Sport and then the Swiss federal court against the sanction.
He told a packed conference: "I will fight for me and I will fight for Fifa.
"Suspended for eight years for what? I am sorry that I am a punching ball. I am sorry that as president of Fifa I am this punching ball. I am sorry for football.
"I am sorry for the 400-plus Fifa team members. I'm sorry about that. I am also sorry about me and about how I am treated in this world of humanitarian qualities.
"Human beings needs to be respected. It has created a lot of collateral damage in the families. My family was mocked. I regret I am this punching bag.
"I will fight. I will fight until the end," he said.
Platini said: "This decision does not surprise me... It was orchestrated to tarnish myself by governing bodies that I know well and that I refuse to accord any legitimacy or credibility today. ... My behaviour has always been faultless and I'm at peace with my own conscience."
Last night in a statement, Uefa said it was "extremely disappointed" in the decision to ban Platini.
"Naturally, Uefa is extremely disappointed with this decision, which nevertheless is subject to appeal.
"Once again, Uefa supports Michel Platini's right to a due process and the opportunity to clear his name," it said.
Commenting on the bans David Bernstein, the former Football Association chairman, said that the news marked the end for Blatter.
"He knows all the tricks doesn't he? He's a real performer and a real fighter but at the end of the day he's either one of the world's greatest cynics or he's in some sort of denial. Perhaps a bit of both.
"He's a drowning man really, there's no coming back from this," he told BBC Radio 5 Live.
"He'll fight, I'm sure of that. He's not a soft touch. He will fight but he is doomed. He is yesterday's man."
Former France coach Raymond Domenech said: "FIFA had admitted there was no corruption. There are only suppositions of collusion.
"But this is how FIFA works. Mr Blatter was the only master on board, giving whatever he wanted to everyone he wanted. There was nothing abnormal with that. Michel's problem is the timing: It happens at the wrong time."
Javier Tebas, president of the Spanish league, was less forgiving.
"Eight years are not enough for me... "The penalty should be that they can never again form part of a sports institution," he said.
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