Yorkshire have been deducted 48 points in the County Championship, four points in the T20 Blast and fined £400,000, by the independent Cricket Discipline Commission as part of the investigation into racism at the club.
The county admitted four amended charges of breaching ECB Directive 3.3 over the racism scandal linked to former player Azeem Rafiq with the CDC Panel holding a hearing last month to determine sanction.
On Friday, it announced Yorkshire would be immediately deducted 48 points from the County Championship, which will leave them bottom of Division Two, and four competition points from the Vitality Blast.
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The county were also fined a total of £400,000, with £300,000 of that suspended for two years. There are 14 days for any appeals to be lodged.
"These were serious charges relating to racism over a prolonged period," ECB chief executive officer Richard Gould said.
"There can be no place for racism in our game, and the penalties announced by the Cricket Discipline Commission mark the end of a thorough disciplinary process.
"No one should have to experience what Azeem Rafiq went through in cricket, and we once again thank him for his courage in speaking out."
The punishments handed out saw the CDC Panel issue a fine of £80,000 for the first charge, £50,000 for the second, and £135,000 each for charges three and four.
Following the announcement, Yorkshire issued a statement confirming their acceptance of the sanctions imposed on them, although expressed disappointment at being given a points deduction for the 2023 season.
"We accept the sanctions against Yorkshire County Cricket Club imposed by the Cricket Discipline Commission," a statement from Yorkshire read.
"We are disappointed to receive the points deductions which affects players and staff at the club who were not responsible for the situation.
"They have worked tirelessly on and off the field to rebuild Yorkshire into an inclusive and welcoming club that reflects the communities it serves. Greater clarity over our situation will allow us all now to look ahead."
Gould recognised the work Yorkshire have done in combating discrimination since Rafiq first spoke out about what he and other players from Asian backgrounds experienced while playing for the club.
However, he pointed out this is an issue the game of cricket as a whole needs to work on rather than it being limited to one county.
"Since this hearing took place, the Independent Commission for Equity in Cricket has published its report which demonstrates just how much there still is for our game to do in order to stamp out discrimination and become the inclusive sport we all want to be," Gould said.
"We must work together as a game to learn from the events that led to this case, and to respond thoroughly to that report.
"We recognise that Yorkshire County Cricket Club has made significant progress since Azeem came forward, first under Lord Patel's leadership and since then under its current management, and is committed to becoming an inclusive club.
"They have set the club on a path to a much brighter and more inclusive future, and we will continue to support the new leadership at Yorkshire to build on the progress made so far."
Yorkshire added they will remain in dialogue with the ECB to ensure the financial penalty placed on them does not hamper their commitments to build on the work they have already done around the matchday experience at games and in the player pathway to ensure those from all backgrounds have an opportunity to become professional cricketers.
"There remains much to do, but we have made significant investments to put in place best practice processes and procedures, as well as driving equity, diversity and inclusion through a new framework and taking important steps to improve the matchday experience to encourage greater inclusivity and tackle discrimination," a statement from the county concluded.
"This is in addition to the real progress we have seen on our Performance Pathway, ensuring young cricketers from all backgrounds can take part, regardless of their economic circumstances."