Beardsley – who left Newcastle in March – had strenuously denied the allegations.
The FA report concludes: “Mr Beardsley is a towering figure in football – his footballing reputation is beyond question – but he made remarks which were obviously racist and were wholly unacceptable. Even if he did not intend to do so, he plainly did cause offence.
“It is particularly important at a time when racism in football is prevalent that remarks of the kind made by Mr Beardsley are punished severely.”
Beardsley was found to have said “you should be used to that” to one or more players of black African origin at a team-building event at Go Ape.
The 58-year-old was also found to have questioned the legitimacy or age of one or more black players of African origin.
Beardsley was also found to have called a player of black African origin a “monkey” during a game of head tennis.
The report questioned the credibility of some evidence. It read: “Not only did Mr Beardsley allege that some of the players had put their heads together to tell serious and hugely damaging lies, but he advanced a florid story of greedy motives implicating the agent of two of them for which he must have known that he did not have a shred of evidence”.