Essex were charged in June after an investigation undertaken by the Cricket Regulator, a body responsible for monitoring compliance with the sport's rules which operates independently from the rest of the England and Wales Cricket Board (ECB).
An independent Cricket Discipline Commission (CDC) panel held a sanctions hearing and published its decision on Wednesday.
"Essex County Cricket Club has admitted a charge in breach of Directive 3.3, in relation to the systemic use of racist and/or discriminatory language and/or conduct during the period between 2001 and 2010 which Essex failed to address," it said in a statement.
The CDC panel also cautioned and reprimanded Essex while 50,000 pounds of the fine is suspended for a period of two years.
Essex have until Oct. 2 to appeal. Reuters has contacted the county club for comment.
"The racism experienced at Essex County Cricket Club over a period of many years was abhorrent, and the evidence of those subjected to abuse was deeply disturbing," said Dave Lewis, the interim director of the Cricket Regulator.
"They have shown real bravery in speaking out. I hope that this prosecution will help ensure that no one suffers again as they did and that racism of this kind is never normalised."
Lewis said the sanctions were decided after a "long and complex investigation" after the club had conducted its own investigation.
"The CDC panel took into account the fact that Essex had pleaded guilty to the charge and has already taken significant action to address these issues and become a more inclusive club," Lewis added.
Last year, Yorkshire were fined 400,000 pounds and handed a 48-point deduction in the County Championship by the CDC over their handling of racism allegations made by Azeem Rafiq.
The former England Under-19s captain of Pakistani descent told a British parliamentary committee in 2021 of 'inhuman' treatment at Yorkshire and said he had been a victim of institutional racism at the club.
