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Simon Cowell, everyone’s favorite love-to-hate British cynic, will be leaving American Idol after its ninth season wraps this spring.

Even thought recent Idol news has centered on the replacement of original host Paula Abdul, Cowell’s leaving is seen as an even bigger threat to the nation’s leading ratings powerhouse.

The announcement came during a meeting of the Television Critics Association in Pasadena, apparently hours after the deal was struck.

“I was offered a lot of money to stay on,” Cowell said. “But that wasn’t the reason behind it. I wanted to do something different. I wanted a new challenge.”

That new challenge is an American version of The X Factor, a show Cowell made a hit in Britain. Not only will he be producing the show; he will also be on-air talent when Factor joins Fox’s schedule next year. While Cowell makes a reported $36 million a year on Idol he stands to make even more as an owner of The X Factor — if the show succeeds.

Along with wanting a new challenge, Cowell said he felt it was time to leave American Idol.

“You want to leave on a high,” he said. “I’m very proud of what the show has achieved.”

Fox has issued no replacement for Cowell for Idol’s tenth season.