Cortese's departure has created a huge level of instability at Southampton.

Nicola Cortese resigns as Southampton Chairman, manager Mauricio Pochettino could follow

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Southampton Football Club is looking for a new leader, as Nicola Cortese resigned from his post as Executive Chairman on Wednesday night as the Premier League side has been thrown into turmoil.

In a brief statement released by the club, they revealed owner Katharina Liebherr is now the non-Executive Chairman and the hunt is already underway for Cortese’s successor.

“Southampton FC today announces that club owner Katharina Liebherr has taken on the role of non-executive Chairman. This follows the resignation of Nicola Cortese. A search has begun for a Chief Executive Officer who will take over Mr Cortese’s executive duties.”

Cortese, an Italian banker who aided German billionaire Markus Liebherr with the acquisition of the club back in 2009 for $20 million when they were on the brink of extinction and bottom of English soccer’s third-tier, has walked away from the project which has seen him turn Saints into a top 10 PL club after they were down and out. The club is now worth an estimated $180 million after a dramatic rise.

Branded a controversial and brutal figure by many Cortese, 45,  has led Southampton’s charge up the English soccer pyramid following the sudden death of Liebherr in 2010. Following that setback, Cortese has ruthlessly transformed Southampton into one of English soccer’s great success stories of recent times after back-to-back promotions from League One saw them return to the top-flight in 2012-13 and establish themselves as a forward-thinking club this term.

(MORE: The dramatic rise of Southampton FC and their fans)

However now Cortese’s work with Saints is over, with reports suggesting he handed in his resignation months ago and was waiting for it to be accepted so the man who made his name in Swiss banking could move on.

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Could Southampton manager Mauricio Pochettino follow Cortese by walking away?

The daughter of the man who saved Southampton back in 2010, Katharina Liebherr, has confirmed she has taken on the role of non-executive Chairman and the South Coast club are now searching for a Chief Executive Officer to replace Cortese.

“With great regret we have accepted the resignation of Mr Cortese,” Liebherr said. “He has done a wonderful job at the club and we very much wanted him to stay. A search has now begun for a successor. In the meantime, it is business as usual and we will ensure that the manager, the team and all the staff at the club have all the help and support they need.”

To add to all the drama, it also seems as though Southampton’s manager Mauricio Pochettino may be heading out of the door alongside Cortese, as the Argentine manager has previously stated his intent to leave if Cortese were to walk away.

Back in May 2013 rumors persisted that Corteses would leave the project at Southampton after a row over funds with Katharina Liebherr. Asked then if he would remain in charge if the Chairman who had appointed him left, Pochettino had the following to say:

“The reality is we share a common passion and we share a long-term plan for this club. We share our passion for football and it would not make much sense for me to continue at this club if he [Cortese] is not here. I do not understand Southampton without Nicola in the future and I think the reality is Nicola has created everything we see at Southampton now.”

It seems as if turbulent times are ahead for Southampton after their best season in decades — which sees them currently sitting in ninth place in the PL with a young talented squad full of international players — has been throw into disarray, as a disintegration at the board room level could bring the club to its knees. Pochettino could be followed out of the door by several first team players, as 18-year-old Luke Shaw is attracting the interest of Manchester United, Manchester City and Chelsea, while England internationals Rickie Lambert, Jay Rodriguez and Adam Lallana could all leave in the January transfer window.

The next 24 hours will reveal more facts about what’s going on at St. Mary’s. But all is not well on the South Coast of England as Cortese has walked away from the Saints.

ProSoccerTalk’s lead writer and editor Joe Prince-Wright will be live at St. Mary’s Stadium in Southampton on Thursday, to deliver all the latest news as the story unfolds.

Ex-Guatemalan soccer chief pleads guilty in FIFA bribe case

PRATO, ITALY - APRIL 13: General view during the FIFA Futsal playoff match between Italy and Hungary on April 13, 2016 in Prato, Italy.  (Photo by Gabriele Maltinti/Getty Images)
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NEW YORK (AP) A former Guatemalan soccer federation president has pleaded guilty in New York to charges related to a sprawling corruption investigation of world soccer.

[ MORE: Christian Vieri ready for return, pursuing Chinese Super League ]

Brayan Jimenez pleaded guilty Friday to federal racketeering conspiracy and wire fraud conspiracy charges, each carrying up to 20 years in prison. It’s unclear when he’ll be sentenced.

The 62-year-old Jimenez is among 40 people from around the world charged in a FIFA bribery scandal over lucrative broadcasting rights.

Prosecutors say Jimenez accepted hundreds of thousands of dollars in bribes from a Florida-based sports marketing company. They say in exchange for the money Jimenez awarded the company media marketing rights to the Guatemalan soccer team’s World Cup qualifying matches in 2018 and 2022.

Jimenez’s attorneys haven’t returned a message seeking comment on his guilty plea.

D.C. United acquires Igboananike from Fire in trade

BRIDGEVIEW, IL - MARCH 06:  Andrea Pirlo #21 of the New York City FC looks to pass against Kennedy Igboananike #77 of the Chicago Fire at Toyota Park on March 6, 2016 in Bridgeview, Illinois. The New York City FC defeated the Fire 4-3.  (Photo by Jonathan Daniel/Getty Images)
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With the playoffs still very much in sight, D.C. United is making another attempt to boost its struggling attack.

[ MORE: NYCFC, Rapids meet in Bronx on Saturday ]

After recently trading for New York City FC forward Patrick Mullins and New York Red Bulls midfielder Lloyd Sam, D.C. has completed a trade for Chicago Fire attacker Kennedy Igboananike in exchange for target allocation money and a third-round draft selection in the 2019 MLS SuperDraft.

In over a season-and-a-half in MLS with the Fire, Igboananike notched 11 goals and four assists in 49 matches. The Nigerian forward is a Designated Player, and is due to make over $900,000, according to the MLS Players’ Union website.

[ MORE: Christian Vieri trying to make comeback in Chinese Super League ]

D.C United is currently eighth in the Eastern Conference standings, sitting on 20 points through 21 matches. The team is four points behind the New England Revolution for the final playoff position.

Report: Atletico set to offer $52 million for Chelsea’s Costa

LONDON, ENGLAND - MARCH 09:  Diego Costa of Chelsea shoots past Thiago Silva of PSG to score a gol to level the scores at 1-1 during the UEFA Champions League round of 16, second leg match between Chelsea and Paris Saint Germain at Stamford Bridge on March 9, 2016 in London, United Kingdom.  (Photo by Mike Hewitt/Getty Images)
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Already with one of the world’s most dangerous attacks, Atletico Madrid is prepared to add another dimension into the mix.

[ MORE: Man City makes final bid for defender John Stones ]

Daily Mail is reporting that the Spanish side is prepared to offer Chelsea over $52 million for striker Diego Costa, who joined the team from Atletico back in 2014.

While the Blues have maintained their position that Costa isn’t for sale, Atletico looks to boost its already strong offense with the 27-year-old Spaniard. Diego Simeone’s group already features talented attacking duo Antoine Griezmann and Fernando Torres.

During his previous stint in La Liga, Costa netted 56 goals across all competitions in two seasons with the Rojiblancos.

[ MORE: Christian Vieri trying to make comeback in Chinese Super League ]

Chelsea is reportedly pursuing former striker Romelu Lukaku after signing Belgian Michy Batshuayi this summer. Antonio Conte’s side also features young forward Bertrand Traore, who has made a strong impression during the preseason.

Report: Manchester City makes final bid for John Stones

LONDON, ENGLAND - JANUARY 16:  Diego Costa of Chelsea and John Stones of Everton compete for the ball during the Barclays Premier League match between Chelsea and Everton at Stamford Bridge on January 16, 2016 in London, England.  (Photo by Mike Hewitt/Getty Images)
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Take it or leave it.

Manchester City has made a final push for Everton defender John Stones, and has set its last offer at $52 million. Last month, the Citizens made the same exact bid for the 22-year-old, which was rejected by Everton.

[ MORE: Italian legend Christian Vieri looks to join Chinese Super League ]

City is said to be looking to avoid overpaying for Stones, after compensating Porto over $55 million for centerback Eliaquim Mangala two years ago.

While Stones has gone on record saying that he wants to play for manager Pep Guardiola at the Etihad Stadium, it remains to be seen if Everton will part ways with its prized defender.