Terry released a statement on Friday revealing he would not be appealing the four-game ban and £220,000 (€260,000) fine given to him for using racist language towards the QPR defender during a match last October.
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The former England international also apologised for his actions, admitting his words were "not acceptable on the football field or indeed in any walk of life".
Later the same day Chelsea, too, released a statement, revealing they agreed with their captain's decision not to appeal and had punished him after conducting an internal investigation into the incident.
The club initially asserted that the details of this punishment would remain private and, in his press conference ahead of Saturday's clash with Tottenham, boss Roberto Di Matteo refused to confirm or deny whether Terry would be stripped of his armband.
But on Saturday morning, chairman Bruce Buck and chief executive Ron Gourlay revealed on talkSPORT that the club's sanction took the form of a "very, very heavy fine" rather than a ban, and confirmed Terry's position as captain is not under threat.