Only four days after being relected FIFA president in the election at the end of May, Sepp Blatter has taken the decision to resign as the head of world football’s governing body.

This news follows closely on the heels of the ongoing fraud investigation into FIFA which saw the arrest of 14 FIFA officials and marketing executives last week by US authorities on the basis of corruption charges worth an alleged $150m.

Bribery allegations involving the 2010 World Cup which was hosted by South Africa, as well as money laundering and fraud surrounding the 2018 and 2022 tournaments to be held in Russia and Qatar respectively have been thrown into the spotlight.

After the arrests many called for Blatter’s resignation, but the Swiss, who has been in charge of FIFA since 1998, refused to bend to the pressure, until his announcement on Tuesday.

In his statement, Blatter said: “I have been reflecting deeply about my presidency and about the forty 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,” he said, according to the statement.

“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,” he added.

An extraordinary congress will likely take place between December and March 2016, and until that time, Blatter will continue in his post as FIFA president, using his time to try and bring honesty and transparency to the governing body, according to his statement.