Sheargold and Triple M parted ways a day after he compared Matildas players to "year 10 girls" during a segment on his show in February.
An Australian Communications and Media Authority investigation found Triple M and three sister stations breached the Commercial Radio Code of Practice by broadcasting sexist content on the program.
It found the sexist comments, expressed in a demeaning and sarcastic tone, demonstrated a level of contempt and disdain for women's sport, and more generally of women.
Authority member Carolyn Lidgerwood says the "demeaning and insulting" comments went beyond generally acceptable standards of decency.
"Sexist comments like this don't belong in Australian broadcasting," Ms Lidgerwood said.
"Even if the comments were an extremely ill-judged attempt at humour, a reasonable listener would have found them offensive and to have crossed the line."
Sheargold received a widespread backlash from sporting leaders and trailblazers in the game following the comments.Â
Professional Footballers Australia chief executive Beau Busch described the remarks as "disgusting, pathetic and deeply misogynistic".
Former Matildas coach Tom Sermanni said the outburst had "crossed the line".
In February, Sheargold acknowledged the gravity of his comments and apologised to the Matildas and the broader organisation.
Triple M owner Southern Cross Austereo said it took its responsibility to listeners, shareholders and clients seriously, and its programming should align with audience standards and expectations.
The ACMA says it's considering enforcement action against the SCA stations and licensees for breaching the code and will publicly announce the outcome once finalised.
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