Russian owner Abramovich confirms he will sell Chelsea FC

Chelsea FC's Russian owner Roman Abramovich has confirmed he will sell the club after spending 19 years in charge of the club.

Abramovich has faced severe backlash due to his alleged close ties with Russia's President Vladimir Putin amid the country's ongoing military operation in Ukraine.

"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," said Abramovich in an official statement on Chelsea's 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 or 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," he added.

Further talking about his decision, the Russian said: "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," he added.

Abramovich had taken over the control of Chelsea in 2003. Under his reign, the Blues managed to win five Premier League titles and two Champions League titles.

Following rising tension between Russia and Ukraine, the sports fraternity has become proactive and many events in Russia have been canceled, including the Russian Grand Prix. The Champions League final has also been moved out of Russia and it will now take place in Paris.