Real Madrid president Ramon Calderon has resigned from his post with the Primera Liga champions.
The 57-year-old confirmed his decision at a press conference in the Spanish capital this evening.
Calderon has recently been in the news following allegations of voting irregularities at the club's general assembly.
He has repeatedly denied any wrongdoing and told a press conference on Wednesday night he had no intention of resigning.
Calderon once again rejected claims of his involvement in the scandal, insisting he walks away from the club with a "clear conscience".
"I have nothing to hide," he said. "I firmly deny all the lies that have been published by various media sources in the past few days.
"I never participated in anything illegal or committed any wrongdoing.
"Over the past two and a half years I have put my body and soul into this club.
"I walk away with clean hands and a clear conscience, and less money and health than when I started."
Vice-president Vicente Boluda was named as interim president until the elections, which have been brought forward to this summer.
And he has pledged to give his all during his brief spell in charge.
"I will dedicate myself completely to the club," he said. "And I will ask all staff to do the same, to show unity and responsibility.
"I ask them also to allow me to rule the club in a calm and confident atmosphere. Our football and basketball teams can win all the competitions they are involved in and they deserve to have us by their side."
Calderon, who was moved to tears at the press conference, insisted he was quitting the Bernabeu solely for the good of the club.
He said: "I took the decision to resign from the presidency of the club, with the hope that the rolling of my head would help pacify a social mob who are permanently upset and in fits by news that the press spreads, which is exaggerated with complete disregard to moral codes."
Calderon took charge of Madrid in July 2006 and oversaw back-to-back titles at the Spanish giants.
The club have had a troubled start to this season, which saw the dismissal of coach Bernd Schuster last month.
However, Calderon insists he is satisfied with his time at the helm.
"I leave with my head held very high and a very calm conscience," he said. "I am extremely proud to have served the best club in the world.
"I can say that my time here has been a success in which we have seen many triumphs.
"I may have committed mistakes but never irregularities.
"I feel for this club and want what's good for it with all my heart and I have a lot of pride in the players, staff and those in the junior ranks.
"I will always support anyone who succeeds me at the club and never react against them or animously towards them."Reuse content