Sepp Blatter to resign as FIFA president amid corruption scandal: 'I only want to do the best for FIFA'

Sepp Blatter's reign as football's kingpin has, incredibly, come to an end.

Blatter, the scandal-wracked administrator who has served as FIFA president since 1998 - and who was just re-elected for a fifth term at the helm of the governing body last week - stunned the football world on Tuesday, announcing that he will relinquish his role in light of the explosive corruption scandal that has engulfed the organization over the past week.

While Blatter avoided charges in last week's indictment, reports following his resignation suggest that he is indeed being investigated by the FBI in relation to his involvement in the diseased organization's widespread corruption problems.

Speaking at a hastily called press conference in Zurich, the 79-year-old confirmed his intention to step aside from a role that has become synonymous with his name over nearly two decades.

"I have thoroughly considered and thought about my presidency and the last 40 years in my life. These years were closely related to FIFA and the wonderful sport of football. I appreciate and love FIFA more than anything else," Blatter said.

"I only want to do the best for FIFA and my institution. I decided to stand again as the best option for football. The elections are closed but the challenges we face haven’t come to an end."

Blatter, who avoided indictment in the sweeping corruption charges filed by the United States Department of Justice last week - which saw several top FIFA officials charged with bribery, racketeering, and wire-fraud - added that an extraordinary congress will be called to elect his replacement.

"I will organise extraordinary congress for a replacement for me as president. I will not stand. I am now free from the constraints of an election. I will be in a position to focus on profound reforms. For many years we have called for reforms. But these are not sufficient.

"We need a limitation on mandates and terms of office. I have fought for these changes but my efforts have been counteracted."

Related: Blatter to step down as FIFA president - Read full resignation speech

An election is expected to take place sometime between December and March 2016, Domenico Scala - chairman of the FIFA audit and compliance committee - noted upon Blatter's shocking revelation and departure from the podium.

(Courtesy: Agence France-Presse)

Until that time, the Swiss administrator will continue to serve as president.

"As the president has stated, these reforms will include fundamental changes to the way the organisation is structured," said Scala, who also made a point to praise Blatter for what he called a "difficult and courageous" decision to step down.

"These steps will ensure that the organisation cannot be used by individuals seeking to enrich themselves at the expense of the game," Scala concluded.

Tuesday's events came in light of a damning report from the New York Times, who claimed late Monday that FIFA - and particularly secretary general Jerome Valcke - was directly responsible for $10 million in bank transactions that are central elements of the ongoing bribery investigation.