Real Madrid president Ramon Calderon has resigned from his post with the Primera Liga champions, announcing he is stepping down in a press conference.
Calderon, has been forced out after Marca newspaper published allegations earlier this week of irregularities at the club's general assembly last month.
"Against the recommendations of my board I have decided to step down from the presidency," Calderon said.
"I have committed errors but not irregularities. I go with my head held high."
The 57-year-old lawyer will be replaced by Vicente Boluda, who takes charge until a new presidential election can be held in the close season.
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."