The Basketball Federation of Serbia & Montenegro (KSSCG) will soon be looking for a new president after current incumbent Miodrag Babic offered his resignation at a recent executive board meeting in Belgrade.
The offer is expected to be accepted by the KSSCG's General Assembly at a meeting later this month.
Babic's request to stand down comes days after the departure of Serbia & Montenegro head coach Zeljko Obradovic, who resigned after his side's disappointing showing as hosts at EuroBasket 2005.
Obradovic's men - who have won back-to-back World Championships, were European Champions in 2001 and comprise of a clutch of Europe's leading players - finished second in Group D and were then knocked out in the elimination round by France.
"I've resigned because I feel responsible for everything that happened to our national team at the European Championships and for the big disappointment after the Blues were eliminated even before the decisive game at Belgrade Arena," said Babic, whose side displayed a distinct lack of unity throughout the tournament.
"I didn't play and I wasn't coach but as captain of this ship, I have the responsibility for our chosen course.
"I backed our head coach Obradovic after our Olympic failure in Athens (where they finished 11th). That's why I am responsible for everything that has followed.
"The whole project was a huge failure and we disappointed our fans. I am not repenting because I really did my best but there are too many reasons which led to this debacle - not just the coach and the players."
Meanwhile, the executive board has refused to accept the collective resignation of the KSSCG's Expert Council.
The council, which includes famous Serbo-Montenegrin players Dusan Ivkovic, Bozidar Maljkovic, Dusko Vujosevic, Svetislav Pesic, Dragan Kicanovic and Springfield's Hall of Famer Drazen Dalipagic, will now be reorganised in the forthcoming weeks.