German soccer federation president Reinhard Grindel has resigned and apologized for accepting a luxury watch from a Ukrainian oligarch.

File photo: AP

Grindel's resignation comes after allegations that he hadn't been open about outside earnings and because of general discontent with his leadership.

Grindel says "everyone who knows me knows that I am not greedy and have been dealing with compliance issues for years."

The federation says vice presidents Rainer Koch and Reinhard Rauball will take over on an interim basis until September.