Chelsea FC owner Roman Abramovich to sell club

By David Close, CNN

Updated 1904 GMT (0304 HKT) March 2, 2022

Abramovich has owned the football club since 2003.

(CNN)Russian billionaire Roman Abramovich announced Wednesday he plans to sell Chelsea Football Club, as it is «in the best interest of the Club, the fans, the employees, as well as the Club's sponsors and partners.»

No timetable was provided but Abramovich said the sale «will not be fast-tracked but will follow due process.»Last week, Abramovich declared hegave «stewardship» of the club over to trustees of the club's charitable foundation.In a statement, Abramovich said that the net proceeds from the sale will be donated to a foundation set up to help those impacted by the Russian invasion of Ukraine.«I will not be asking for any loans to be repaid,» the statement said.Read More«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.»This is a developing story and will be updated.