After receiving a prison sentence of over three years on Thursday, the World Cup winner has stepped down from his role at Bayern
After being initially charged with evading 3.5 million euros in taxes, Hoeness eventually acknowledged hiding €27.2m from the German authorities and was sentenced on Thursday.
Although his defense team claimed the 62-year-old would appeal, Hoeness has insisted he will accept the conviction and immediately relinquished his responsibilities as Bayern chief ahead of his incarceration.
"After discussions with my family, I have decided to accept the judgement of the District Court of Munich regarding my tax conviction," he said in a personal statement released on Bayern's website on Friday.
"I have instructed my lawyers not to appeal. This corresponds to my understanding of decency and personal responsibility.
"Tax evasion was a mistake in my life. The consequences of this error I must implement myself.
"In addition, I resign with immediate effect my duties as president and chairman of Bayern Munich. I want to avoid causing harm for my club.
"Bayern Munich's my life's work and it will always be there. I'm going to stay connected with this great club and its people in many other ways, as long as I live.
"To my personal friends and supporters of Bayern Munich, I thank you from the bottom of my heart for your support."