Liverpool striker Luis Suarez has been fined and will donate the money to the Hillsborough Family Support Group following the Uruguayan's shocking bite on Chelsea defender Branislav Ivanovic.
Suarez had earlier on Sunday apologised for biting Ivanovic’s right arm during the sides' 2-2 Premier League draw at Anfield.
The incident occurred mid-way through the second half, with Liverpool trailing 2-1 following a tussle in the penalty area.
"I'm sad for what happened this afternoon, I apologize (to) Ivanovic and all (the) football world for my inexcusable behaviour. I'm so sorry about it!!," the controversial Uruguayan said on his Twitter account.
"I apologise also to my manager, playing colleagues and everyone at Liverpool Football Club for letting them down," he added.
The ugly incident has sparked widespread condemnation of Suarez and both the player and Liverpool were forced to apologise, while Reds manager Brendan Rodgers claimed his star forward's actions were unacceptable.
Suarez is likely to face a lengthy ban from the Football Association for his actions, but Liverpool have already punished the 26-year-old with a fine, which he will give to the families of the 96 Liverpool fans who died in a terrace crush before an FA Cup semi-final at Hillsborough in 1989.
Last Monday's 24th anniversary of the tragedy was marked by a memorial service at Anfield which Suarez and his team-mates attended.
"For my unacceptable behaviour yesterday the club has fined me today," Suarez wrote on Twitter on Monday.
"I have asked the club to donate the money to the Hillsborough Family Support Group for the inconvenience I have created to the Liverpool fans and to Ivanovic."
As referee Kevin Friend missed the incident, Suarez is likely to be punished with a retrospective Football Association suspension, but some pundits, including former Liverpool captain Graeme Souness, believe it could be time for the club to cut ties with Suarez as he is damaging their reputation.
Suarez's latest controversy has forced Liverpool's managing director Ian Ayre to cancel a trip to Australia and the Far East to deal with the fall-out.
But Ayre is adamant Liverpool will not bow to outside pressure to sell Suarez at the end of the season.
"It affects his future in the sense that we have to work with him on his discipline - but Luis is a very important player to the club," Ayre told Liverpool's website.
"As we keep saying, he signed a new four-year contract last summer and we'd all love to see him here throughout that contract.
"He's a fantastic player, top scorer and everything we'd want in a striker, so there's no change there.
"This is more about getting him back on the right track and it's largely down to (manager) Brendan (Rodgers) now to work with him on that side of his character."
Suarez has a long list of previous misdemeanours even before joining Liverpool from Ajax in January 2011 and it is not the first time he has been in trouble for biting.
But, responding to calls for Suarez to be kicked out of English football, Professional Footballers' Association chief executive Gordon Taylor revealed the players' union would offer anger management counselling to deal with his temper.
"There is no doubting his football ability, that's why it is so disappointing and embarrassing when he lets himself down," Taylor said.
"We have to work hard on anger management now. We have trained counsellors in this field and we will be offering their services to Liverpool and the player to try to improve matters."
In November 2010, Suarez was banned for seven matches and dubbed the 'Cannibal of Ajax' after biting PSV Eindhoven's Otman Bakkal.
In December 2011, he was banned for eight matches and fined £40,000 ($60,000) after being found guilty of racially abusing Manchester United defender Patrice Evra.
Then just a few weeks later he received a one-match ban for making an offensive gesture to Fulham fans and in February 2012 he refused to shake hands with Evra when Liverpool faced United at Old Trafford.
Suarez is also one of the candidates for the PFA Player of the Year award to be announced on Sunday, and Taylor confirmed that the latest scandal would not affect his position on the shortlist.
"It's decided on votes and it is a football matter but of course it is embarrassing that it should happen," Taylor added.
Meanwhile, Ivanovic has told police that he does not wish to make a complaint after being bitten by Suarez.
Ivanovic recoiled in agony when Uruguay striker Suarez bit him on the right arm.
But Suarez apologised to Ivanovic in a phone call on Sunday evening and the Serbia international was quick to play down the incident when asked if he wished to press charges following complaints to Merseyside Police.
"Following an incident at the Liverpool v Chelsea game yesterday officers have spoken to Branislav Ivanovic in person," Merseyside Police said in a statement on Monday.
"He had no apparent physical injuries and did not wish to make a complaint."