Austria's Olympic Committee president Leo Wallner said he is resigning in the wake of financial scandals.

Wallner issued a statement Friday saying his resignation will take effect Sept. 23.

"I am aware that personal changes are needed for restructuring," Wallner said. "The chosen point in time guarantees a proper handing over ... which is important to the AOC and the sports in Austria."

"Leo Wallner's resignation is the right step in this situation that is so difficult for the Olympic movement," said Sports Minister Norbert Darabos.

The 73-year-old Wallner is Austria's longest-serving national Olympic committee president. He became the committee's 10th president in 1990, taking over from Kurt Heller, and was re-elected for another four-year term last February.

Wallner, who had been general director of Casinos Austria for 40 years before resigning in 2007, has also been member of the International Olympic Committee since 1998.

His announcement comes three weeks before an extraordinary general meeting to deal with the financial scandals.

Austrian prosecutors have been investigating questionable cash transactions tied to the committee's failed bid to host the 2014 Winter Olympics in Salzburg.

Salzburg lost the bid to host the 2014 Olympics to Sochi, Russia, two years ago.

(Xinhua News Agency September 4, 2009)