Bayern Munich president Uli Hoeness has announced that he will step down from his post as he has decided not to appeal a conviction for tax evasion.
The businessman has been sentenced to three-and-a-half years in prison after he was found guilty of failing to pay €27.5m to the tax authorities.
In a statement on Bayern's official website, Hoeness said: "After discussions with my family, I have decided to accept the judgment of the District Court of Munich in my tax matter. I told my lawyers not to appeal. This is because I believe in decency and personal responsibility.
"Tax evasion was the biggest mistake of my life. I will now face the consequences of this mistake. Above that I will vacate my role as president of Bayern Munich and chairman of the supervisory board."
The 62-year-old has played a pivotal role in turning the German club, who won the Champions League last season, into one of the most successful clubs in Europe.
