Dave Whelan, the owner of Wigan Athletic, has been handed a £50,000 fine and a six-week ban from football activities by the Football Association for his remarks about Jewish and Chinese people.
Mr Whelan had accepted a charge of breaking FA rules after saying in an interview last month that Jewish people were “shrewd” and chased money more than everybody else.
He also used the term “chinks” to describe Chinese people.
He apologised for the offence caused by the remarks.
An FA disciplinary commission said on Wednesday that it was "satisfied" that Mr Whelan "is not a racist" and did not intend to cause offence by his comments.
As well as the fine and ban, he must also complete an FA programme of education.
Mr Whelan made the remarks while defending the appointment of Malky Mackay as the club's manager.
Mr Mackay is being investigated by the FA over allegations that he sent "sexist, racist and homophobic" texts, which included a reference to Jews and money.
In its statement, the FA commission said: Dave Whelan has been suspended from all football and football activity for six weeks, subject to any appeal, following an Independent Regulatory Commission.
"The Wigan Athletic chairman, who accepted the charge of improper conduct, has also been fined £50,000, warned as to his future conduct and ordered to undertake a mandatory education programme.
"It was alleged Mr Whelan breached FA Rule E3[1] in that comments made to the media were abusive and/or insulting and/or constituted improper conduct and/or brought the game into disrepute.
"It was further alleged that this was an ‘Aggravated Breach’ as defined by FA Rule E3[2] as it included a reference to ethnic origin and/or race and/or nationality and/or religion or belief.
"The Independent Regulatory Commission will publish full written reasons within the next 24 hours. An appeal must be lodged within seven days from receipt of the written reasons.
"The sanction is suspended until after the outcome of any appeal, or the time for appealing expires, or should Mr Whelan decide not to appeal.
"We are satisfied on the evidence before us that Mr Whelan is not a racist.
"We are equally satisfied on the evidence before us that Mr Whelan did not intend to cause any offence by his comments."
Mr Whelan had said he would resign as chairman of Wigan if the FA found him guilty of racism.
