Chelsea's Russian owner Roman Abramovich said on Wednesday he had made the "incredibly difficult" decision to sell the Premier League club, pledging that proceeds would go to victims of the war in Ukraine. The billionaire believes it is in the "best interest" of the Champions League holders if he parts ways with the club he has transformed since he bought it in 2003.
The dramatic development comes days after Abramovich said he was handing over control of Chelsea to trustees of its charitable foundation following Russia's invasion of Ukraine.
"I have always taken decisions with the club's best interest at heart," Abramovich said in a statement. "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."
It is a seismic moment for English football after nearly two decades during which Abramovich's team has consistently challenged for the sport's top honours.
Chelsea have won 19 major trophies in the Abramovich era, including their first two Champions League crowns and five Premier League titles. But the 55-year-old's reign will come to an end in the fall-out from Russia's invasion of its neighbour.
Abramovich, alleged to have close links to Russian President Vladimir Putin, has not been named on a growing British sanctions list targeting Russian banks, businesses and pro-Kremlin tycoons. But the Chelsea owner's concern about potential seizing of assets is understood to have sparked his move to off-load the Blues.
Swiss billionaire Hansjorg Wyss and US investor Todd Boehly, a co-owner of the Los Angeles Dodgers baseball team, are reported to be two of the parties now preparing a joint bid for the Premier League giants. Wyss, 86, told Swiss newspaper Blick he had been offered the chance to buy the London club because Abramovich wanted "to get rid of Chelsea quickly" before potential political sanctions.
It is believed Abramovich's asking price for Chelsea will be around £3 billion ($4 billion), with American bank the Raine Group reported to have been asked to handle the sale.