Bill Martin inherited an athletic department at Michigan when the basketball program and finances were in complete shambles and the facilities for the school were outdated.

Now, a decade later, Martin is calling it a career after he fixed the books, restored pride on Michigan’s basketball court, and made almost $300 million worth in improvements to the infrastructure of the basketball and football programs.

In his resignation letter to Mary Sue Coleman, University of Michigan President, the sixty nine year old Martin wrote that being the Athletic Director at Michigan wasn’t just a job, but a way of life. It is one I have fully embraced, Martin said in the letter that was made public on Wednesday.

Martin will be stepping down on September 4, 2010. At that time the Wolverines will be hosting Connecticut and the school rededicating Michigan Stadium once the renovation of $226 million is completed.

Martin was named as the interim Athletic Director for Michigan in 2000. He inherited a $2.8 million deficit along with one of the biggest financial scandals in intercollegiate athletic history, which stemmed from a former ex-booster providing Chris Webber and other Michigan basketball players with a loan of $616,000.

Later Martin agreed to a commitment of three years and dropped the interim label.

He ended up staying a lot longer.

Martin helped to improve the Athletic Department’s facilities and finances, help their basketball program rebound and hired Rich Rodriguez to be Michigan’s new head football coach. Rodriguez appears to have the winningest college football program headed back into the right direction, following his debut season where the team lost a university record nine games.

Rodriguez, whose Wolverines team is 5-2 as they head into their game on Saturday versus No. 13 ranked Penn State said, we’ve had lots of laughs and a few tough times as well.

Martin and Coleman previously discussed his retirement and Martin agreed to stay until Michigan Stadium renovations were complete.

The renovation is set to be completed in August 2010. Another $23.2 million major project for the practice facility for the basket team adjacent to Crisler Arena, received approval in January. In August the football team of Michigan started to take advantage of the $26.1 million improvements to their practice facility.

Rodriguez told reporters that Martin was always a very big supporter of Michigan’s football program. What he has done fiscally and facility wise for the Athletic Department has really been amazing. It will be sad seeing him leave.

Lloyd Carr, who retired January 1, 2008 as Michigan’s head football coach and is a senior AD, said the facilities at Michigan were far behind those of our peers at the time that Martin was hired.

A statement from Carr said, today we’re on the forefront. All of the monumental changes orchestrated by Bill and his group have given Michigan Athletics an excellent position that will be in place for many decades into the future.

There are, however, two issues at least lingering as Martin prepares for his retirement.

An internal investigation was launched by the school in August regarding allegations that their football program had violated NCCA rules regularly in terms of the limits on how much time that players could spend practicing and training. The Athletic Department need to also find enough well off corporations and fans in a very tough economy in order to fill the Big House luxury boxes which cost up to $85,000 per season.

President Coleman stated that Martin would stay on as Athletic Director until his successor had been selected, and that he would stay as a special adviser for Coleman until he retired.

Some of Martin’s potential replacements might include David Brandon, CEO of Domino’s Pizza, Brad Bates, Athletic Director for Miami of Ohio, and Warde Manuel, Athletic Director for Buffalo. All were members of the Michigan football team when Bo Schembechler was the head coach. Another possibility is Arkansas’ Jeff Long, whom Schembechler hired to start out his career in athletic administration.

Brandon, in an Associated Press interview said, I have worked with Bill as a member of the board of regents for the stadium as well as other projects. But today should be about Bill and the great job that he has done.

When he as asked if he was interested in taking over for Martin Brandon said, I love my jobs as C.E.O. for a public company. I wish all the best for Mary Sue Coleman in her search.

Long, Manuel and Bates did not comment.

Martin made his fortune with real estate and is an ex acting president for the U.S. Olympic Committee as well as president for the U.S. Sailing Association. The wealthy Martin, who is also down to earth, could have just spent his sixties enjoying time on a sailboat. Instead he took on Michigan’s tough challenges.

In an 2003 AP interview Martin said, no I do not need this. But I do thrive on challenges, absolutely. I also do not mind working. There are nights when I do go home burnt out and collapse. I didn’t ever sleep out on the coach before. Now some nights at about 9 o’clock I will watch some TV. Before I know it, the David Letterman show is on, my clothes are out on the couch and my wife’s in bed.