José Luis Sáez has stepped down from the FIBA Executive Committee ©FIBA

José Luis Sáez has resigned as a member of the International Basketball Federation (FIBA) Executive Committee and Central Board because of an investigation in Spain, it has been announced today.

Sáez stepped-down as head of the Spanish Basketball Federation (FEB) last year as a probe continues into allegations he misused funds allocated by the Federal Government.

An investigation was launched by the Anti-Corruption Prosecutor's Office in June 2016 after inconsistencies emerged in an audit report.

According to an article published in El Independiente.com earlier this month, Sáez is still facing an extended investigations into crimes, including money laundering and taking funds from the Public Treasury.

"The Executive Committee accepted the resignation of its member, Mr José Luis Sáez, and thanked him for his contributions over the past decade," said FIBA in a brief statement today.

"This also includes him stepping down as a member of FIBA's Central Board."

José Luis Sáez's resignation was announced by FIBA following an Executive Committee meeting today ©FIBA
José Luis Sáez's resignation was announced by FIBA following an Executive Committee meeting today ©FIBA

It was not made clear exactly why Sáez has announced his resignation but it can be presumed that it is connected to the ongoing probe. 

Sáez served 12 years as FEB President after first assuming the post in 2004.

He has also served the last 13 years on the FIBA Executive Board and the last three on the Executive Committee. 

He currently remains listed as a Board member of FIBA Europe.