SEOUL, July 31 (UPI) -- South Korean automotive billionaire Chung Mong-joon said he plans to run for president of FIFA in the wake of recent scandals that have rocked the organization.
Chung, heir to South Korea's Hyundai Group, said Thursday that FIFA cannot be left in a state of dishonor, and an aide told CNN the 63-year-old car magnate plans to announce his campaign next week.
FIFA, the world's soccer authority, has been swamped in a scandal that led to the indictment of 14 people that include nine top FIFA officials in the United States.
Switzerland is separately investigating how Russia and Qatar were selected for the 2018 and 2022 World Cups, respectively.
Chung has previously served as FIFA vice president, and his company, Hyundai, has been a major FIFA sponsor since 1999, The Independent reported.
Chung would be competing against UEFA President Michel Platini and Musa Bility, head of the Liberial Football Association.
Chung said he would work on reforming FIFA from within and took a critical approach to his rival.
"My job is to change [FIFA]," Chung said. "It will be very difficult for Mr. Platini to have any meaningful reforms. Mr. Platini enjoys institutional support from the current structure of FIFA. Mr. Platini is very much a product of the current system."
The Independent reported he would need to secure nominations from five countries.
South Korea co-hosted the 2002 World Cup with Japan.
Chung's net worth is $1.2 billion and he is married with four children, according to Forbes.