Sydney: Frank Lowy resigned as the chairman of the Football Federation of Australia on Tuesday after 12 years at the helm.
The 85-year-old godfather of Australian football established the National Soccer League in the 1970s before walking away disillusioned, reports Xinhua.
He was persuaded back to lead Football Federation Australia in 2003 and under his watch the Socceroos qualified for three successive FIFA World Cups in Germany, South Africa and Brazil.
Lowy also oversaw Australia's transition to the Asian Football Confederation (AFC) from Oceania and was instrumental in the launch of the domestic A-League.
"Now is the right time for me to go. We are entering a new phase of growth for the game and now is the time for new leadership," said Lowy, who is handing the reigns to his son Steven.
Prime Minister Malcolm Turnbull hailed Lowy for "instilling in Australians your love and passion for the game".