This was a reversal for the 57-year-old, who had pleaded not guilty in December 2015 shortly after Swiss authorities handed him over to their American counterparts.
As president of the Costa Rican federation since 2007, he was poised to become a member of the executive committee of FIFA, the global soccer body, when the Swiss authorities arrested him in May 2015.
According to investigators, Li used his influence to help a private company obtain the marketing rights to several matches by the Costa Rican national team, and for another company to be represented on the team's jerseys.
Each of the charges against him -- extortion, fraud and criminal conspiracy to commit a fraud -- carries a maximum prison sentence of 20 years, according to a statement Friday from Robert Capers, the US attorney for the eastern district of New York.
As part of a plea deal, Li has agreed to pay a fine of USD 668,000. More than a third of the 40 people implicated in the FIFA scandal have entered guilty pleas, thereby avoiding trials.
Disclaimer: No Business Standard Journalist was involved in creation of this content