"I cherish FIFA more than anything and I want to do only what is best for FIFA and for football," Blatter said at a press conference in Zurich.

Blatter has been FIFA President since June 8, 1998.

A business and economics graduate, Blatter also served as General Secretary of the Swiss Ice Hockey Federation and was involved in the organisation of the 1972 and 1976 Olympics.

Blatter joined FIFA as Technical Director in 1975 and served as General Secretary from 1981 until his election as president.

Blatter called allegations against Qatar 2022 as racist and called for politicians unhappy with Russia 2018 to "stay at home".

Allegations of financial mismanagement and sexist remarks for female footballers have landed Blatter in hot water regularly.

"FIFA needs a profound overhaul. 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."
FIFA has said the election will take place between December 2015 and March 2016 to allow candidates time to prepare.

The resignation, which was widely unexpected, came amid one of the most controversial episodes  in FIFA's history. Seven high-ranking FIFA officials were arrested ahead of the football governing body's meeting last Friday.

At the elections, Blatter got 133 while his rival candidate Prince Ali bin Al Hussein obtained 73. But Blatter was re-elected after Prince Ali conceded defeat as the voting went into a second round.

A day later, Blatter came out fighting , implying that the US timed the announcement of a major  corruption probe  to try to scupper his re-election bid.

"Arrested for what? Next question," Blatter dismissed curtly, when asked if he feared where the US federal case was heading.

Swiss authorities had launched a separate criminal investigation into the bidding contest for the 2018 and 2022 World Cups - set to be held in Russia and Qatar.

Blatter's right-hand man

The investigation 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 $10m payment that lies at the heart of the US case.

Valcke 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.

FIFA had earlier cleared senior management, including secrtary general Jerome Valcke (R), of involvement in alleged bribe for S Africa 2010

Blatter not being investigated

Meanwhile, Switzerland's office of attorney general (OAG) has confirmed that it was not investigating outgoing Blatter.

"Joseph S. Blatter is not under investigation by the OAG," the attorney general said in a brief statement.

"His announced resignation will have no influence on the ongoing criminal proceedings." 
The attorney general had opened criminal proceedings against persons unknown on suspicion of criminal mismanagement and of money laundering alongside the US corruption investigation.

Source: Al Jazeera and agencies