Real Madrid soccer team's president, Florentino Perez, resigned on Sunday night, following the team's 2-1 defeat by Mallorca this weekend, which follows hard upon Tuesday's loss to Arsenal in a Champions Leauge match, local media reported on Monday.
The club's board held an emergency meeting on Sunday at 7.30 p.m. which ended with his resignation.
Real Madrid was eliminated from the King's Cup and will find it hard to remain in the Champions League following their home loss to Arsenal. Their loss to Mallorca has severly damaged their league standing too.
Fernando Martin, a property magnate who also chairs Spanish conglomerate Union Fenosa alongside Perez, will stand-in as president until the club can elect a replacement.
The resignation is a genuine shock for the footballing world, stunning most Spanish clubs. Spain's media are waiting for Madrid to hold a press conference to explain Perez's reasons, although no date has yet been set.
Despite perceptions that his three-years of rule has been a bad time for Madrid, Perez's leadership brought two League Cups, one Champions League Cup, a Spanish Supercup, and European Superleague Cup, and an Intercontinental Cup.
His trophy record matches that of Santiago Bernabeu, the legendary president after whom the club's stadium is named. Under his rule the club became known as "the galaxy" because it has so many stars, including Portugal's Figo, Brazil's Ronaldo and England's Beckham.