Roman Abramovich has confirmed he is selling Chelsea Football Club.
The Russian billionaire has also revealed the proceeds from the sale will be donated to victims of the war in Ukraine.
In a move aimed to protect Chelsea after Russia's invasion of Ukraine, Abramovich handed "stewardship and care" of the Blues to the club foundation's trustees on Saturday.
Now the Chelsea owner has now publicly admitted he is looking to sell the club.
The sale will be ran by Raine Group, a New York-based merchant bank, on behalf of Abramovich.
A statement from Abramovich was posted on the club's website on Wednesday.
The full Abramovich statement read: "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.
"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.
"Thank you, Roman."
The news comes after Swiss billionaire Hansjorg Wyss claimed he has been offered the chance to buy the club.
Abramovich is owed £1.5billion by Chelsea after buying the club in a £140m deal in 2003.
However the 55-year-old will not ask to be repaid for the any of the loans.
Need a VPN? Or seeking to switch? Then support Tribal Football by clicking here to sign up with our official partners NordVPN. Not only will you receive the best VPN experience, but also great discounts by signing up via Tribal Football. Thanks for your support!