Gordon Taylor has confirmed that he will step down as chief executive of the Professional Footballers' Association after 38 years.

The 74 year old has headed up the players union since 1981 after taking over from former secretary Cliff Lloyd.

But his departure comes after the organisation announced a "full and open review" into its finances.

"I have given the majority of my life to the advancement of the PFA," he said at the PFA's annual general meeting.

Renowned as Britain's highest-paid union boss, earning almost £20m over the past 12 years, the 74-year-old former Bolton and Birmingham winger will leave his post when an independent review into the workings of the PFA is concluded.

He will not be able to take another role in the PFA for five years.

Chairman Ben Purkiss and the PFA's whole management committee will also stand down once the review into the workings of the PFA, being carried out by Sport Resolutions, is concluded.

More than 300 players and former players are said to have endorsed an open letter calling on Taylor to step down.