Bayern Munich have turned down their president Uli Hoeness' offer to resign due to an ongoing investigation into his admission of tax evasion.
Hoeness revealed in April that his finances were under scrutiny by the German tax authorities and last week intimated that he was ready to quit his post and end his long association with the Bavarians.
The Bayern board held an emergency meeting at the Allianz Arena to discuss the issue and Hoeness tendered his resignation.
However, the Champions League finalists opted to reject the 61-year-old's offer.
"After intense discussion, the advisory board of FC Bayern Munich AG decided unanimously that Uli Hoeness should continue in his position of president,'' the club said in a statement.
Hoeness recently made a self-denunciation to the German tax authorities that he had not declared taxes on an account he held in Switzerland.
"Uli Hoeness expressed his regret at the incident and apologised,'' continued the club statement, stating that the decision to turn down his offer to resign was made "in the interests of FC Bayern, who need to concentrate fully on reaching further sporting goals with the Champions League final on 25 May and the German Cup final on 1 June.''
Information from the Press Association was used in this report