Peterborough United director of football Barry Fry has been handed a four-month ban from all football-related activities after accepting a Football Association charge related to betting.
The 73-year-old's suspension will begin on February 1, with three months of the ban suspended for two years.
Fry was also fined £35,000 for breaching FA Rule E8, the governing body announced on Thursday afternoon.
"Barry Fry has been suspended from all football and football-related activity for four months, three months of which are suspended for a period of two years," an FA statement read.
"Peterborough United's Director of Football accepted a charge for misconduct in relation to betting during the 2017/18 season in breach of FA Rule E8.
"He was also fined £35,000 following an Independent Regulatory Commission hearing yesterday [30 January 2019]. The period of suspension will commence on 1 February 2019."
Fry has been director of football at Peterborough for over a decade after previously being manager at London Road for just under 10 years.
The larger-than-life character began his playing career as a youth team member at Manchester United, but never played a first team game and spent most of his time in the non-league game.
But it is as a manager where he has risen to prominence during two spells with Barnet, as well as stints at Southend, Birmingham and Peterborough.
The charge was first announced on December 12, with Posh chairman chairman Darragh MacAnthony describing the development at the time as a "storm in a teacup".
MacAnthony tweeted: "Myself & club fully behind Barry on this. Storm in a teacup & will be resolved & full facts revealed once his hearing happens and finishes etc. Trust me on that."
Despite MacAnthony's message, Fry accepted the FA charge, which comes into effect from Friday.