UEFA president Michel Platini (R) congratulates FIFA President Sepp Blatter after he was re-elected at the 65th FIFA Congress in Zurich, Switzerland, in this May 29, 2015 file photograph. [Photo/Agencies]

VERBAL AGREEMENT

But it said the transaction had nevertheless lacked transparency and presented a conflict of interest. Platini, like Blatter, has denied wrongdoing.

The ethics inquiry began after the Swiss attorney general decided to open criminal proceedings against Blatter over the payment to Platini. The office is also investigating FIFA's award of the 2018 and 2022 World Cup finals to Russia and Qatar.

Blatter and Platini argued that the payment followed from a verbal agreement they made in 1998, and concerned work that Platini did for FIFA between 1998 and 2002.

"The evidence available to the adjudicatory chamber in the present case was not sufficient to establish, to the extent required, that Mr Blatter sought the execution or omission of an official act from Mr Platini," said a statement, referring to the 'bribery and corruption' section of the code.

But the committee's adjudicatory chamber did find that the payment had been "without a legal basis" and a breach of regulations governing gifts and other benefits.

It said Blatter "found himself in a situation of conflict of interest, despite which he continued to perform his related duties, failing to disclose said situation and the existence of personal interests linked to his prospective activities".

"By failing to place FIFA's interests first and abstain from doing anything which could be contrary to FIFA's interests, Mr Blatter violated his fiduciary duty to FIFA," it added.