Zurich: UEFA president Michel Platini will resign from European football's governing body after failing to have a six-year ban overturned by a Court of Arbitration for Sport (CAS) panel on Monday.
The panel, however, reduced the ban from six to four years and the fine from 80,000 Swiss Franc (around $80,000) to 60,000 Swiss Franc ($60,000) on Monday.
"The Court of Arbitration for Sport (CAS) has rendered its decision in the arbitration procedure between Michel Platini and the Federation Internationale de Football Association (FIFA). The suspension of Mr. Platini has been lowered from 6 to 4 years and the CHF 80,000 fine to CHF 60,000," a CAS statement said.
Following the judgement, the 60-year-old said he would be stepping down.
Platini and former world football governing body FIFA's president Sepp Blatter were banned for eight years initially after being found guilty of ethics breaches over a 2 million Swiss Franc (around $2 million) "disloyal payment".
The pair denied any wrongdoing and had their bans reduced from eight to six years by the FIFA appeals committee.
But after the latest CAS judgement, Platini was quoted as saying by the BBC on Monday: "I am resigning from my duties as UEFA president to pursue my battle in front of the Swiss courts to prove my innocence in this case."
UEFA will meet on 18 May "to discuss next steps".
"In the meantime, there will be no UEFA president appointed ad interim," a spokesperson for the governing body was quoted as saying by the BBC on Monday.
