Rio De Janeiro, Oct 25 (IANS) Brazil football legend Romario has withdrawn his bid for the presidency of Rio de Janeiro club America.

The 48-year-old former Barcelona striker had been the sole candidate in elections that began earlier this month, reports Xinhua. He cited "unresolved issues" for the decision, which came just weeks after he was elected a Brazilian senator with a record 4.6 million votes.

"I know that the current (America) president Leo Almada is trying to sort out the club's problems so I'm going to support him for re-election," Romario was quoted saying by Globo. "If he can resolve those issues then I will be a candidate in 2017."

One of Brazil's oldest clubs, America have been in steep decline in recent years. They have dropped from the country's top division to the second tier of the Rio de Janeiro state league with reported debts of $25 million.

It is understood Romario had clashed with America directors over the club's financial strategy and plans for a new headquarters.

Elected to Brazil's senate earlier this month, Romario played one match for the seven-time Rio state champions in 2009.