Fernando Martin told reporters on Wednesday that he had resigned from the presidency of Spanish soccer club Real Madrid at a board meeting Wednesday night.

Real Madrid's former president Fernando Martin holds up a document during a news conference at Madrid's Santiago Bernabeu stadium April 26, 2006. [Xinhua/Reuters]

Martin said that the board had then decided to call presidential elections and that Luis Montejano will run the club until a new president is chosen. Fifteen of the 16 board members voted against extending Martin's presidency.

"It was a calm meeting, there was an ample debate and the board reached a unanimous decision," Martin told reporters after the meeting. The board had accepted his resignation and allowed him to stand in the elections, he said.

Montejano told reporters that he had accepted the decision "with pleasure".

"I am a Spaniard from Madrid and have always been a Real supporter. I have been a member of the club since 1957 and I was honored to become a member of the board in 2000. I helped Martin when he took over from Florentino Perez when he resigned," he added.