Perez resigns as Real Madrid president

Waning title hopes an increased pressure got to Florentino Perez, who resigned on Monday as president of Real Madrid.

The club immediately announced Fernando Martin would replace him, stepping up from his previous role as vice president.

Perez was less than two years into his second term as Real president, having been re-elected in July 2004. Since the 58-year-old Perez replaced Lorenzo Sanz in 2000, Real twice won the Spanish Primera Liga title twice and also captured the UEFA Champions League once.

However, the club has not claimed any major hardware since winning the league in 2003 and looks likely to finish this season empty-handed following a string of disappointing recent results.

"I don't believe there is a crisis at the club, only that in a sporting sense, we are not on the right path," Perez said.

Real was knocked out of the Copa del Rey semifinals by Real Zaragoza earlier this month after losing the first leg 6-1. The "Galacticos" followed that up by suffering a 1-0 home defeat in the opening leg of their Champions League last-16 encounter with Arsenal last week.

"I took the decision last night after the (Real Mallorca) game," Perez said. "I think that my decision has to influence the team in a positive way because that is why I have taken the decision. And I hope it will reflect with the team winning at Highbury (against Arsenal)."

In La Liga, Sunday's 2-1 defeat at struggling Mallorca saw Madrid fall 10 points behind leader and bitter rival Barcelona in the standings.

During his tenure, Perez has employed six different coaches at Real - Vicente Del Bosque, Carlos Queiroz, Jose Antonio Camacho, Mariano Garcia Remon, Wanderley Luxemburgo and Juan Ramon Lopez Caro.

"Having made numerous coaching changes I think the only thing that was left was for me to leave," said Perez, who insists his decision would "not affect Lopez Caro's position."

The current coach, Lopez Caro, was appointed in December following the sacking of Luxemburgo.