By Jose Serrano (staff@latinospost.com) | First Posted: Jun 02, 2015 02:48 PM EDT
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Hours after a letter implicating FIFA secretary general Jerome Valcke was released, incumbent president Sepp Blatter announced his resignation.

"I felt compelled to stand for re-election, as I believed that this was the best thing for the organisation. That election is over but FIFA's challenges are not. FIFA needs a profound overhaul." Blatter said in a televised statement.

FIFA will decide on a new president at an "extraordinary elective Congress" held in Mexico City on May 13, 2016. Domenico Scala, chairman of FIFA's Audit and Compliance Committee, has been tasked with overseeing the election process.

Blatter's scandal-filled presidency cultivated with a letter sent from South Africa FA to Valcke prior to the 2010 World Cup.

In the letter - first obtained by the Associated Press - South Africa FA President Molefi Oliphant blatantly discusses a $10 million payment meant for the "Diaspora Legacy Programme;" a program FIFA claims to fund soccer in the Caribbean. There is no evidence proving the program exists.

The world governing body had previously denied reports pinning Valcke and former CONCACAF president Jack Warner to the alleged scheme, redirecting fault to deceased Finance Committee chairman Julio Grodona. Warner defended himself against corruption charges in a video posted to YouTube on Sunday.

The video was removed later in the day, presumably because Warner cites an article from satirical news site, The Onion. An edited version is now available.

Blatter's departure has been met with universal acclaim. He said as much in his statement, confessing "My mandate does not appear to be supported by everybody."

Twitter users were among the first to voice their pleasure.

"What matters to me more than anything is that when all of this is over, football is the winner," Blatter said.

Read a full transcript of Blatter's statement below:

I have been reflecting deeply about my presidency and about the 40 years in which my life has been inextricably bound to Fifa and the great sport of football. I cherish Fifa more than anything and I want to do only what is best for Fifa and for football.

I felt compelled to stand for re-election, as I believed that this was the best thing for the organisation. That election is over but Fifa’s challenges are not. Fifa needs a profound overhaul.

It is my deep care for Fifa and its interests, which I hold very dear, that has led me to take this decision

While I have a mandate from the membership of Fifa, I do not feel that I have a mandate from the entire world of football – the fans, the players, the clubs, the people who live, breathe and love football as much as we all do at Fifa.

Therefore, I have decided to lay down my mandate at an extraordinary elective Congress. I will continue to exercise my functions as Fifa President until that election.

The next ordinary Fifa Congress will take place on 13 May 2016 in Mexico City. This would create unnecessary delay and I will urge the Executive Committee to organise an Extraordinary Congress for the election of my successor at the earliest opportunity. This will need to be done in line with Fifa’s statutes and we must allow enough time for the best candidates to present themselves and to campaign.

Since I shall not be a candidate, and am therefore now free from the constraints that elections inevitably impose, I shall be able to focus on driving far-reaching, fundamental reforms that transcend our previous efforts.

For years, we have worked hard to put in place administrative reforms, but it is plain to me that while these must continue, they are not enough. The Executive Committee includes representatives of confederations over whom we have no control, but for whose actions Fifa is held responsible. We need deep-rooted structural change.

The size of the Executive Committee must be reduced and its members should be elected through the Fifa Congress. The integrity checks for all Executive Committee members must be organised centrally through Fifa and not through the confederations. We need term limits not only for the president but for all members of the Executive Committee. I have fought for these changes before and, as everyone knows, my efforts have been blocked.

This time, I will succeed. I cannot do this alone. I have asked Domenico Scala to oversee the introduction and implementation of these and other measures. Mr Scala is the Independent Chairman of our Audit and Compliance Committee elected by the Fifa Congress. He is also the Chairman of the ad hoc Electoral Committee and, as such, he will oversee the election of my successor. Mr Scala enjoys the confidence of a wide range of constituents within and outside of Fifa and has all the knowledge and experience necessary to help tackle these major reforms.

It is my deep care for Fifa and its interests, which I hold very dear, that has led me to take this decision. I would like to thank those who have always supported me in a constructive and loyal manner as President of Fifa and who have done so much for the game that we all love. What matters to me more than anything is that when all of this is over, football is the winner.

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