FIFA president Sepp Blatter has insisted that he welcomes the ongoing investigation being conducted into world football's governing body.

A series of dawn raids on Wednesday morning in Zurich saw seven officials arrested by US authorities for alleged racketeering, money laundering and wire fraud.

A separate corruption investigation has also opened looking into the awarding of the 2018 and 2022 World Cups, although Blatter has promised that FIFA will continue to do all they can in order to rid the organisation of any wrongdoing.

"This is a difficult time for football, the fans and for FIFA as an organisation," the Swiss said in a statement. "We understand the disappointment that many have expressed and I know that the events of today will impact the way in which many people view us.

"As unfortunate as these events are, it should be clear that we welcome the actions and the investigations by the US and Swiss authorities and believe that it will help to reinforce measures that FIFA has already taken to root out any wrongdoing in football.

"While there will be many who are frustrated with the pace of change, I would like to stress the actions that we have taken and will continue to take. In fact, today's action by the Swiss Office of the Attorney General was set in motion when we submitted a dossier to the Swiss authorities late last year.

"Let me be clear: such misconduct has no place in football and we will ensure that those who engage in it are put out of the game. Following the events of today, the independent Ethics Committee – which is in the midst of its own proceedings regarding the awarding of the 2018 and 2022 FIFA World Cups - took swift action to provisionally ban those individuals named by the authorities from any football-related activities at the national and international level.

"These actions are on top of similar steps that FIFA has taken over the past year to exclude any members who violate our own Code of Ethics.

"We will continue to work with the relevant authorities and we will work vigorously within FIFA in order to root out any misconduct, to regain your trust and ensure that football worldwide is free from wrongdoing."

UEFA has called for Friday's presidential election to be postponed amid today's developments.