LARNACA, Cyprus (AFP) - The president of high flying Cypriot side Anorthosis resigned on Monday days after being arrested by police probing embezzlement allegations raised by fellow board members.
Andreas Panteli, 48, said his resignation took "immediate effect" while he promised to return any amount of money that was found owing to Anorthosis Famagusta following an independent audit.
He also pledged in a statement to "immediately return" any cheques belonging to the club that were issued in his name or may come into his possession.
The Anorthosis board said it "accepted" the resignation and would not take the matter any further.
"For reasons of general public interest we unanimously decided to withdraw the complaint against the former president without this being considered in any way an intervention into the investigation," said a statement from the board.
Panteli was arrested last Friday, two days after Anorthosis drew 2-2 with Werder Bremen in the Champions League, by police looking into financial mismanagement involving one million euros.
He was remanded in custody by a Nicosia court for three days after a request for bail was denied and he is expected to be back in court on Tuesday.
Police are investigating a case of forgery, distribution of forged documents, theft, obtaining money under false pretences and trying to cover it up.
The high-profile football figure was accused by fellow executive members of obtaining 418,498 euros under false pretences and attempting to take another 500,000 euros in assets that belong to the club.
The offences are said to have taken place between August and November this year in the capital Nicosia and the southern coastal town of Larnaca where the club is located.
Champions league takings are also thought to be part of the missing money.
The probe came after Anorthosis drew with Werder Bremen 2-2 in the Champions League after letting slip a two-goal lead on November 26.
Last week, Panteli said he was "shocked and surprised" by the whispering campaign against him and that he had "nothing to hide".
He took over the 12-times Cyprus champions five years ago and is credited with saving them from bankruptcy.
It is hoped the saga will not have a negative effect on the team's progress in Europe's premier club tournament.
Team manager Temuri Ketsbaia has insisted that he will stand by his close friend whatever the outcome.
The revelations have rocked public opinion and Anorthosis fans have criticised the move against Panteli, with abusive graffiti daubed on the walls outside the club's stadium.
Anorthosis are now calling for unity in a bid to overcome one of the worse chapters in their 97-year history.
The Cypriot minnows are lying third in Group B of the Champions League and a win away to Panathinaikos in Athens next week would secure an unlikely berth in the last 16.
So far in the competition they have only lost once in five starts. They are also top of the Cyprus league after beating Atromitos 3-0 at home on Sunday.
|Ronaldo: Pepe was the best player at the Euros, not Griezmann|
|Schweinsteiger: Manchester United my last club in Europe|
|Dante sees Nice as a positive move|
|Pique: Barcelona by far the best in Spain|
|Pique backs Stones for success under Pep|
|Coleman dismisses Premier League talk|
|Spurs want Calhanoglu, claims agent|
|Bony an ´option´ for Bilic|
|Leverkusen cannot challenge Bayern, says Ballack|
|Pallotta blasts ´disgusting´ referee after Roma defeat|
|Badstuber taking his time after injury nightmare|
|Conte: Terry return between him and Allardyce|
|We beat Bayern to Dembele - Watzke|
|Wanderers bring back Bulut|
|Moyes rules out Kone exit|
|CONCACAF Champions League Review: Whitecaps, Pachuca win big|
|Bale: I´ll never forget this year|
|Griezmann: I deserve Best Player in Europe Award|
|No surgery for Ayew as West Ham target December return|
|Villarreal did all they could to make it through - Escriba|
|Spalletti rues lack of Roma discipline|
|Conte: Chelsea must learn to kill matches|
|Watford and West Brom crash out of League Cup|
|My longest 90 minutes as a coach - Rodgers|
|AFC Champions League: Goalless draws leave quarter-finals on a knife edge|
|Klopp hopeful over Can injury|
|Champions League play-offs: Nine-man Roma crash out as Monaco edge Villarreal|
|Henderson hails ´outstanding´ Mane after Burton thrashing|
|Chelsea 3 Bristol Rovers 2: Conte´s side survive scare thanks to Batshuayi double|
|Hapoel Be´er Sheva 2 Celtic 0 (4-5 agg): Visitors survive Israeli scare|
|Burton Albion 0 Liverpool 5: Sturridge at the double in Reds rout|
|Leverkusen sign Austria star Dragovic|
|Sakho in the clear as WADA opt against appeal|
|Enyimba 3 Mamelodi Sundowns 1: Udoh brace secures CAF Champions League win|
|Pulisic and Ramos on target as Dortmund wrap up Bundesliga preparations|
|Calleri hoping for Tevez advice|
|Defour hoping for Belgium recall|
|Alaba warns against complacency as Bayern begin Bundesliga defence|
|Bravo arrives in Manchester ahead of City move|
|Dyche backs Gray after striker´s apology for homophobic tweets|
|Gray charged by FA over homophobic tweets|
|Pique: Olympic gold proves Neymar is one of world´s best|
|Marin makes Olympiacos move|
|Zidane arrival the catalyst for one of my best seasons - Ronaldo|
|Moyes ´worried´ about Mannone elbow injury|
|Sidibe rejected Arsenal over playing-time fears|
|Guardiola: Toure could feature against Steaua|
|Hernandez out for two weeks after falling down stairs|
|Bravo nearing City move, admits Guardiola|
|Ballack impressed by Dortmund signings but still backing Bayern|
|Lucescu questions De Boer tactics|
|Milan reject Chelsea bid for Romagnoli|
|Dortmund know how to treat Gotze - Ballack|
|Shevchenko: Bacca must improve consistency|
|´If you heed 100 idiots you will go crazy´ - Bauza on Messi return|
|Valdano relieved over Messi U-turn|
|Nordfeldt in line for loan move after signing fresh Swans deal|
|Dante joins Nice from Wolfsburg|
|De Boer expects fierce fight for Barca number-one spot|
|Newell´s confident over Messi return|
|Stoke confirm Jones interest|
|MLS ´attractive´ to Rooney - Timbers owner|
|Burke re-signs with West Ham|
|Sassuolo rejected Balotelli - CEO|
|Valencia coach Ayestaran rules out Mustafi sale|
|Allardyce plans Guardiola talks over Hart|
|Cahill warns rivals over City attack|
|Allardyce open to Terry England return|
|Drogba dismisses Villa rumours|
|Tuchel pleased despite Dortmund wastefulness|
|Stam´s Reading sign Manchester United youngster Blackett|
|Champions League place main objective for Rodgers|
|Eintracht Trier 0 Borussia Dortmund 3: Kagawa at the double as Tuchel´s men stroll|
|Escriba urges cool heads in Monaco|
|Cherchesov sets bar high for Russia|
|Tite defends Neymar´s captaincy credentials|
|Ancelotti wowed by fit-again Martinez|
|Spalletti: If Roma players are afraid, I don´t want them|
|Klopp laments Origi´s absent rhythm|
|Barcelona let Neymar stay in Brazil ahead of qualifiers|
|De Jong brothers joins forces at PSV|
|Rudiger returns to training|
|Liverpool transfer talk frustrates Klopp|
|Klopp demands final third improvements|
|Everton loan Galloway to West Brom|
|Manchester United loan Borthwick-Jackson to Wolves|
|Braithwaite to snub Premier League interest to stay at Toulouse|
|Strachan leaves out McCormack, Rhodes|
|Napoli plan to limit media commitments|
|Taarabt eager to make Marseille switch|
|Kruse suffers knee ligament injury|
|Rummenigge expects Ribery to be targeted|
|Delaney: Benteke is not Messi, he needs service|
|Ballack urges patience with Pep over City project|
|James happy at Real Madrid - Zidane|
|Harper backs Phelan for permanent Hull role|
|Flexibility the key for Allardyce|
|Allardyce concerned over Hart situation|
|De Bruyne praises Sterling reaction|
|Cavani vows to improve strike rate|
|Britton signs Swansea extension|
|Higuain motivated by ´fat´ comments|
|Conte perplexed by Costa criticism|
|Drinkwater poised to sign new Leicester contract|
|Bobo completes Sydney move|
|Bilic: You can´t count on Carroll|
|MLS Review: Dempsey´s Sounders sink rivals Timbers|
|Zidane: Important year for Bale|
|Galaxy star Rogers alleges homophobic abuse|
|Vieira: Pogba just needs to be himself|
|Bacca: I made a promise to Milan|
|Angry Handanovic critical of Inter|
|Gameiro: Atletico must win at home|
|Klopp: I´d be an idiot if I made a panic buy|
|Simeone: Draw leaves a bad taste in my mouth|
|Montella: Milan must win back fans|
|Asensio revels in goalscoring LaLiga debut for Madrid|
|Atletico Madrid 1 Alaves 1: Hosts denied in dramatic finale|