The 55-year-old billionaire announced on the club website that he was "giving trustees of Chelsea's charitable Foundation the stewardship and care of Chelsea FC" as speculation rose over the possibility of further sanctions by the UK Government against Russian oligarchs following the invasion of Ukraine.

Coe, who, contrary to some reports, has never been a trustee, has the title of “senior adviser” at the club he has supported all his life.

And among the six trustees named on the club’s website is Sir Hugh Robertson, the former United Kingdom Government Minister who took over the role of British Olympic Association chair from Coe in 2016.

It is understood that the club is still not for sale and that Abramovich, who has been in charge since June 2003, remains owner of Chelsea.

Sir Hugh is understood to have been given advance warning that Abramovich would be making his statement but he and his fellow trustees have yet to have a full briefing on the responsibilities the new state of affairs will entail.

Abramovich’s announcement came after the UK Parliament was told he had been named as a person of interest in 2019 because of alleged links to the Russian state and "association with corrupt activity and practices".

He has always denied any wrongdoing or grounds for him to be sanctioned.

This morning another statement - making no mention of Russia or its actions - was issued on the Chelsea website.

"The situation in Ukraine is horrific and devastating," it said.

"Chelsea FC's thoughts are with everyone in Ukraine.

"Everyone at the club is praying for peace."

The trustees of the Chelsea Foundation listed on the club's website are club chairman Bruce Buck, John Devine, head of the sports team at law firm Muckle LLP, Emma Hayes, manager of Chelsea's women's side since 2012, Piara Powar, longstanding equality campaigner, Paul Ramos, Chelsea's director of finance, and Sir Hugh, a former Minister for Sport and was Minister for the Olympics during the London 2012 Games.

Sir Hugh, 59, has led the BOA since 2016 and was re-elected for second and final term as chair in October 2020.

Abramovich's full statement read: "During my nearly 20-year ownership of Chelsea FC, I have always viewed my role as a custodian of the Club, whose job it is ensuring that we are as successful as we can be today, as well as build for the future, while also playing a positive role in our communities.

"I have always taken decisions with the Club's best interest at heart. I remain committed to these values. 

"That is why I am today giving trustees of Chelsea's charitable Foundation the stewardship and care of Chelsea FC.

"I believe that currently they are in the best position to look after the interests of the Club, players, staff, and fans."

Since Abramovich's arrival in 2003 there has been a transformation in the fortunes of the club, which won the UEFA Champions League last season for a second time.

Earlier this month, it lifted the FIFA Club World Cup, beating Brazilian side Palmeiras 2-1 in the final in Abu Dhabi. 

In terms of club value, Chelsea were rated seventh on Forbes' list of the most valuable teams in the world, worth an estimated £2.39 billion ($3.20 billion/€2.84 billion), last year.

Reports have claimed any attempt to place sanctions upon Abramovich could have been disastrous for the club.

The Times newspaper reported that if sanctions were applied it could have prompted Abramovich to ask Chelsea to re-pay the £1.5 billion ($2 billion/€1.7 billion) it owes him.

Abramovich was named in papers leaked to a Member of Parliament in the last week that linked him to the Putin regime and "public association with corrupt activity and practices".

The release of the Home Office document led to calls for him to be stripped of his right to own a football club in Britain by Labour politician Chris Bryant.

Downing Street did not name Abramovich among five Russian businessmen being sanctioned in the wake of the military action in Ukraine, but further rounds of sanctions are expected.