Sepp Blatter Says Corruption Allegations 'Bring Shame and Humiliation' to FIFA

The comments come a day after 14 people were charged.

"There can be no place for corruption of any kind," Blatter said in Zurich.

In a series of overnight busts on Wednesday, authorities arrested high-ranking FIFA officials over allegations of vast racketeering and corruption involving more than $150 million in bribes and kickbacks spanning two decades in soccer’s controversial governing body, law enforcement officials said.

Many have called for Blatter -- who is up for re-election for a fifth-term as FIFA president on Friday -- to resign. Blatter was not one of the men indicted in the case.

“The events of yesterday have cast a long shadow over football,” he said. “We cannot allow the reputation of football and FIFA to be dragged through the mud.”

Blatter also pledged that FIFA will cooperate with the investigations and vowed to work to restore trust in the organization.

"Let this be the turning point. More needs to be done to be sure everyone in football behaves responsibly and ethically,” Blatter said.

“In short, these individuals, through these organizations, engaged in bribery to decide who would televise games, where the games would be held and who would run the organization overseeing organized soccer worldwide,” Lynch said at a press conference Wednesday in New York.

Lynch said that in one example, a single FIFA executive is suspected of amassing a “personal fortune” by taking over $10 million in bribes over a 19-year period.

IRS Chief Criminal Investigator Richard Weber dubbed the scandal the "World Cup of Fraud" and said the U.S. was issuing FIFA a "red card," a reference to penalties given out in soccer games for egregious infractions.

“This organization has been lawless, doing whatever they want for years. This is the way they do business,” Christopher Fusco, a former prosecutor and sports analyst, told ABC News. “Selecting Qatar [to host the 2022 World Cup] was the straw that broke the camel’s back."

Get real-time updates as this story unfolds. To start, just "star" this story in ABC News' phone app. Download ABC News for iPhone here or ABC News for Android here.