In a statement on the Premier League club’s website, Chelsea owner Roman Abramovich says he is planning to sell the club.
The billionaire had been barred from living in Britain ever again following his suspected ties with the Russian government led by Vladimir Putin.
The businessman said he had made the “incredibly difficult decision” which “pains” him.
The Russian will not ask “for any loans to be repaid” and said proceeds of the sale would be donated to war victims.
Recall that Abramovich had said on Saturday he would give “stewardship and care” of Chelsea to its foundation trustees following Russia’s invasion of Ukraine last week Thursday.
He said in the statement: “The sale of the club will not be fast-tracked but will follow due process. I will not be asking for any loans to be repaid. This has never been about business nor money for me, but about pure passion for the game and club. Moreover, I have instructed my team to set up a charitable foundation where all net proceeds from the sale will be donated. The foundation will be for the benefit of all victims of the war in Ukraine. This includes providing critical funds towards the urgent and immediate needs of victims, as well as supporting the long-term work of recovery.
“Please know that this has been an incredibly difficult decision to make, and it pains me to part with the club in this manner. However, I do believe this is in the best interest of the club.
“I hope that I will be able to visit Stamford Bridge one last time to say goodbye to all of you in person. It has been a privilege of a lifetime to be part of Chelsea FC and I am proud of all our joint achievements. Chelsea Football Club and its supporters will always be in my heart.”