Pat Hickey has written a lengthy statement to the 34 national associations affiliated to the OCI, confirming that he is stepping down and informing them he will play no role in the election of his successor.
The vote takes this place this Thursday. The three competing candidates are current acting President Willie O'Brien, Swim Ireland CEO Sarah Keane, and Bernard O'Byrne, the former Chief Executive of the FAI and the current CEO of Basketball Ireland.
Of the three, O'Brien is the candidate closest to Hickey.
In his statement, Hickey made no reference to the ticketing in scandal which kept him detained in Rio for three months, first in prison and later under house arrest.
As you will remember, at the beginning of 2016 I announced that Rio would be my last Games as President and that I would stand down immediately after the Games.
Accordingly, the time has now come to pass the Irish Olympic Torch to a new generation and I wish nothing but the best of luck and success to the new President, officers and Executive Committee of the OCI."
From a personal point of view I am presently recovering from a recent medical procedure on my heart.
He ran through the highlights of his reign. These include his influential role in the launching of the European Games, which was held in the human rights black spot of Baku in 2015.
He also listed the disciplines in which Ireland had won Olympic medals since he took over. He included swimming in the list.
And he partially credited the admission of women's boxing to the Olympics before London 2012 to his own influence among the international Olympic associations.
I was so proud to see Olympic medals won by Irish athletes across a diverse range of sports including athletics, boxing, equestrian, rowing, sailing and swimming.
Alongside this, on the international stage in 2012, I was fortunate and proud to be elected the second Irish man in history to sit on the Executive Board of the IOC after my great friend and mentor former OCI and IOC president Lord Killanin.
It is also my privilege to represent Ireland as President of the European Olympic Committees and senior vice-president of the World Association of National Olympic Committees (ANOC) for the past 10 years.
The benefits to Ireland of these positions were clear with my strong influence that saw women’s Boxing rewarded with its debut into the London 2012 Games with obvious benefits for Ireland not to mention the many Olympic scholarships availed of by Irish athletes in need of financial support for training and competition needs.
During that time, I was delighted to preside over the inaugural European Games in 2015, the last continent of the five to organize our own multi-sport games.
Naturally, I share the achievements with all my fellow voluntary members of the executive committee and you the national federations who have steadfastly supported me over many years . . . It has been my absolute honour and privilege to serve my country and one I am very humbled and grateful for. Thank you to everyone who shared my journey and who made it possible.
He also stressed that he had left the OCI with "a positive bank balance of £2.3 million last July and an enviable list of corporate sponsors which I had envisaged would be used on the ongoing development of young athletes and Olympic sport in Ireland."