The trial opened last month following an investigation that began in 2015 after it was found that there was a two million Swiss franc payment to Platini in 2011.
The Frenchman “submitted to FIFA in 2011 an allegedly fictitious invoice for an (alleged) debt still existing for his activity as an adviser for FIFA in the years 1998 to 2002”, according to the court.
The investigation ended Blatter and Platini’s careers with UEFA and FIFA, while both were initially banned for eight years from football by the FIFA ethics committee.
What were they accused of?
Both Sepp Blatter and Michel Platini had been accused of fraud and forgery of a document.
Meanwhile, Blatter was accused of misappropriation and criminal mismanagement and Platini was accused of participating in those offences.
The pair were facing up to five years in jail if they were found guilty this week.
What did Blatter & Platini say before they were acquitted?
On his arrival at the court on Friday, Blatter said: “I am not innocent in my life but in this case I am innocent.”
In his testimony, the 86-year-old said he asked Platini to be his adviser in 1998.
He said former France captain Platini wanted 1m Swiss francs (£816,030) per year but Blatter told him Fifa could not afford that fee and instead settled on 300,000 Swiss francs (£244,809) per year, with the outstanding total to be paid at a later date.
During the trial, Blatter told the court: “I knew when we started with Michel Platini that is not the total, and we would look at it later.
“It was an agreement between two sportsmen. I found nothing wrong with that.”
Meanwhile, Platini had said he had ‘trusted’ the president to pay him one day.
The three-time Ballon d’Or winner had previously said that he felt the ban was a deliberate attempt to prevent him from becoming FIFA president six years ago.
What has been said now?
Following the conclusion of the court case, Platini’s lawyer Dominic Nellen made a statement.
He said: “My client’s full acquittal is the only correct outcome of these criminal proceedings.
“The court has properly assessed the evidence and finally put an end to this unspeakable criminal proceeding.
“A neutral court has finally found that no wrongdoing was committed in this case. My client is completely cleared and relieved accordingly.”
Platini added: “I wanted to express my happiness for all my loved ones that justice has finally been done after seven years of lies and manipulation.
“The truth has come to light during this trial and I deeply thank the judges of the tribunal for the independence of their decision.
“I kept saying it – my fight is a fight against injustice. I won a first game. In this case, there are culprits who did not appear during this trial. Let them count on me, we will meet again. Because I will not give up and I will go all the way in my quest for truth.
“Despite the length of the procedure, I have always had confidence in the Swiss legal system and the rule of law that prevails here.
“Believe me, going from being a legend of world soccer to a devil is very difficult, especially when it comes to you in a totally unfair way.
“But before I think about the future, I would like to thank my family and my close friends, my lawyers who have so brilliantly assisted and encouraged me throughout my ordeal, and above all all the people I have met during all these years for their affectionate looks and their gestures so strongly marked by support and sympathy towards me.”
Individual net worth
According to Celebrity Net Worth, Sepp Blatter has a net worth of $40 million.
It is reported that at the peak of his time working with FIFA, he was earning an annual salary of $6 million, as well as generous bonuses.
Meanwhile, Michel Platini’s net worth is thought to be $15 million.
The 67-year-old didn’t join UEFA until 2007 - 20 years after his retirement from professional football.