Roman Abramovich confirms decision to sell Chelsea

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Bengaluru, March 3: Roman Abramovich has announced he is to sell Chelsea, saying the decision is "in the best interest of the club".

The Russian also confirmed he is setting up a charitable foundation to benefit all victims of the war in Ukraine, to which he will donate all net proceeds of the sale of the Premier League club.

The Russian had anounced on Saturday (February 26) a day before the Blues' EFL Cup final loss to Liverpool, that he is taking a step back from his duties as owner.

Abramovich had purchased the club in 2003 and has bankrolled a period of significant success at Stamford Bridge

From their five Premier Leagues and two Champions Leagues, plus last month's Club World Cup triumph, the Blues have won it all under the Russian billionaire.

But amid mounting political pressure following Russia's invasion of Ukraine, Abramovich waa forced to sell Chelsea for the first time.

"I would like to address the speculation in media over the past few days in relation to my ownership of Chelsea FC. As I have stated before, I have always taken decisions with the Club's best interest at heart.

In the current situation, I have therefore taken the decision to sell the Club, as I believe this is in the best interest of the Club, the fans, the employees, as well as the Club's sponsors and partners," Abramovich said in a statement, which was put out on the club website.

"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," Abramovich added.

The Russian admitted it was an incredibly decision to make.

"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," his statement concluded.

(Agencies adds)

Russia invaded Ukraine on February 24 and the conflict escalated events which have led to widespread condemnation of Russia and strict sanctions placed on the country in many sports events.

The Russian tennis and Formula 1 drivers are allowed to compete under the neutral flags only.

F1 drivers from Russia and Belarus will be barred from racing as representatives of their countries, but they will be allowed to compete as neutrals, providing they do not step out of line.

Nikita Mazepin is the only Russian driver on the F1 grid, with the 22-year-old due to start his second season in Bahrain later this month.