Sepp Blatter stands down as FIFA president

Blatter, 79, announced the decision at a news conference in Zurich, six days after the FBI raided a hotel in Zurich and arrested several FIFA officials.

He was re-elected after his only rival, Jordan's Prince Ali bin Al Hussein, withdrew after losing heavily in the first round of voting.

However, in the hastily arranged conference on Tuesday he announced his resignation.

"FIFA needs profound restructuring," Blatter, a Swiss national who has been a dominating presence at FIFA for decades, said in French.

"I have thoroughly considered my presidency and thought about my presidency and the last 40 years of my life.

"I decided to stand again to be elected because I was convinced it was the best option for football.

"Although the members of FIFA gave me a new mandate, this mandate does not seem to be supported by everyone in the world."

FIFA, ruled over by Blatter since 1998, was rocked this week by the announcement of a US investigation into alleged widespread financial wrongdoing stretching back for years. Swiss authorities mounted their own criminal probe into the award of the 2018 and 2022 World Cups to Russia and Qatar, respectively.

The US Justice Department and Federal Bureau of Investigation did not immediately respond to requests for comment.

Blatter initially attempted to bat away the furore, relying on his network of friends to hold onto power at FIFA, which he joined in 1975.

While Blatter was not mentioned in either the US or Swiss investigations, there were widespread calls for him to quit, mostly from Western nations. Some major sponsors also expressed misgivings about the impact of the scandal.

The investigation however closed in on Blatter on Tuesday, when FIFA was forced to deny that his right-hand man, Secretary-General Jerome Valcke, was implicated in a $10 million (£6.5m) payment that lies at the heart of the US case.

But at the same time, a letter addressed to Valcke was published outlining the transaction.

Valcke, who has been secretary-general since 2007 and is seen as one of the most powerful men in world sport, had no role in the payments, which were authorised by the chairman of FIFA's Finance Committee, FIFA said in an earlier statement.

The chairman of the committee at the time of the payments was Argentina's Julio Grondona, who died last year.

A person familiar with the matter said on Monday that US prosecutors believe Valcke made the $10 million bank transactions which are central to a US bribery investigation against FIFA.

William Hill made current UEFA chief, Michel Platini the early favourite to take over.

“There Will be a number of big names desperate to get their hands on this job and it is one-time fancied successor, Platini who is the favourite,” said William Hill spokesman Joe Crilly.

6/5 Michel Platini;

7/4 Prince Ali bin al-Hussein;

12/1 Luis Figo;

12/1 Senes Erzik;

12/1 Ted Howard;

14/1 Issa Hayatou;

50/1 Greg Dyke