The report does not make good reading for Terry, as the commission said they believed that Terry's remarks towards Ferdinand were intended as an insult.
The commission said: "There are further aspects of Mr Terry's defence that the commission finds improbable, implausible and contrived, and which serve to underline and reinforce our decision.
"The commission is quite satisfied, on the balance of probabilities, that there is no credible basis for Mr Terry's defence that his use of the words 'f****** black c***' were directed at Mr Ferdinand by way of forceful rejection and/or inquiry."
It was, however, also iterated that "In common with the Crown's proceedings, the FA's case is that Mr Terry said the words by way of an insult to Mr Ferdinand. It is not the FA's case that Mr Terry is a racist. There is a large body of testimonial evidence, including statements from black footballers, to say that he is not."
The commission confirms that Terry was convicted on the 'balance of probabilities', the key difference between the FA investigation and the Magistrates Court case, and the same distinction on which Liverpool striker Luis Suarez was found guilty of racial abuse.
Anton Ferdinand was also hailed in the report, which stated: "The victim impact statement of Mr Ferdinand makes it plain that he has been badly affected by the incident. He has been the subject of hateful abuse and adverse comments, but has acted with restraint and dignity."
Terry will have 14 days to decide whether or not he wishes to appeal against the decision.