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FIFA President Sepp Blatter To Resign

BOSTON (CBS) -- The investigation into FIFA has finally caught up to Sepp Blatter.

The FIFA president, re-elected just last Friday amid a worldwide scandal that resulted in seven arrests of officials, will resign from his position.

The decision comes one day after The New York Times reported that Blatter's top lieutenant, Jérôme Valcke, was involved in the transferring of $10 million in transactions which "are central elements of the bribery scandal engulfing international soccer."

Sepp Blatter leaves FIFA headquarters after a press conference to announce that he would be resigning as president of FIFA amid the mounting corruption scandal. (Photo credit: VALERIANO DI DOMENICO/AFP/Getty Images)

Just last week, Blatter defiantly claimed that he had no awareness of any wrongdoing within FIFA.

"We, or I, cannot monitor everyone all of the time," he said. "The events of yesterday have cast a long shadow over football. There can be no place for corruption of any kind."

On Tuesday, his story was very different.

"FIFA needs a profound restructuring," he said. "I cherish FIFA more than anything, and I want to do only what is best for FIFA and for football."

Last week, 14 FIFA officials were indicted on charges of bribery, racketeering and money laundering.

Blatter said he will maintain his duties as president until a new election to replace him is held. Blatter requested FIFA's executive committee to hold that election as soon as possible.

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