--- title: South Korean Billionaire Chung Mong-joon Wants to Be FIFA's Next Boss description: "We cannot leave FIFA in this kind of disgrace," Chung Mong-joon says canonical: https://time.com/3979709/fifa-president-chung-mong-joon-hyundai/ author: Joanna Plucinska article:opinion: false article:content_tier: free article:published_time: 2015-07-31T03:36:45.000Z article:modified_time: 2026-02-22T09:46:21.256Z article:section: Sports og:title: A South Korean Car Tycoon Wants to Be FIFA's Next President og:description: "We cannot leave FIFA in this kind of disgrace," Chung Mong-joon says. og:url: https://time.com/3979709/fifa-president-chung-mong-joon-hyundai/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/bltd9845bae5325f3ff/69885d4e196cf48226037578/475683736.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 og:image:width: 1200 og:image:height: 675 og:image:alt: FBL-FIFA-SKOREA-CORRUPTION-BLATTER-CHUNG og:type: article twitter:card: summary_large_image twitter:title: A South Korean Car Tycoon Wants to Be FIFA's Next President twitter:description: "We cannot leave FIFA in this kind of disgrace," Chung Mong-joon says. twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/bltd9845bae5325f3ff/69885d4e196cf48226037578/475683736.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 ---  # A South Korean Billionaire Wants to Be FIFA's Next President > Sponsored content. 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Terms and conditions apply. * Savings buckets are a feature of Ally Bank's Savings Account. * No ATM fees from Ally Bank at Allpoint and Moneypass ATMs plus we reimburse for fees charged by other ATM owners nationwide up to $10 per statement cycle. * Early direct deposit offers eligible direct deposits up to two days sooner. * Spending buckets are a feature of Ally Bank's Spending Account. by [Joanna Plucinska](https://time.com/author/joanna-plucinska/) ## Joanna Plucinska Jul 31, 2015 3:36 AM UTC  Former FIFA vice president Chung Mong-joon speaks during a press conference in Seoul on June 3, 2015 Former FIFA vice president Chung Mong-joon speaks during a press conference in Seoul on June 3, 2015Ed Jones—AFP/Getty Images by [Joanna Plucinska](https://time.com/author/joanna-plucinska/) ## Joanna Plucinska Jul 31, 2015 3:36 AM UTC **Correction appended, July 31** Chung Mong-joon, a 63-year-old South Korean billionaire who has a controlling stake in the shipbuilding company Hyundai Heavy Industries, says he will throw his hat into the race to replace Sepp Blatter as FIFA’s president. Blatter, who served five terms as president of the embattled global soccer-governing body, will be replaced in an election slated for February 26, 2016, CNN [reports](http://edition.cnn.com/2015/07/30/football/fifa-presidency-chung-mong-joon-news/). Chung has told various news outlets that he will formally announce his candidacy by next week. He’s up against some pretty well-known names already, according to CNN, including French former soccer star Michel Platini and Brazilian footballer Arthur Antunes Coimbra (popularly known as Zico), who have both confirmed their intentions to run. Chung does have some football chops, though. He is a former FIFA vice president and also the president of the Korea Football Association (KFA). Under his 17-year stewardship, the KFA increased its budget from $3 million to $100 million, CNN reports. So far, he has pledged to turn scandal-ridden FIFA around. “It’s not easy, but people don’t want to be part of corruption. They want to be part of the solution,” he told[ Reuters](http://uk.reuters.com/article/2015/07/30/uk-soccer-fifa-chung-idUKKCN0Q40OY20150730). “We cannot leave FIFA in this kind of disgrace.” \[[_CNN_](http://edition.cnn.com/2015/07/30/football/fifa-presidency-chung-mong-joon-news/)\] **Correction:** The original version of this story and the headline incorrectly described Chung Mong-joon. 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