"As I have stated before, I have always taken decisions with the club's best interest at heart," Abramovich said.

"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."

World Athletics President Sebastian Coe is a senior adviser at the club

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.

However, there is more uncertainty now with regards to the future of the Chelsea.

The trustees of Chelsea's charitable foundation had not responded or agreed to take control of the club and it looks like they will no longer be asked to.

Abramovich has also said that he will not be asking back for any loans the club owes him, and said that a charitable foundation will be set up and the proceeds from the sale will be used to help victims of the war in Ukraine.

"Please know that this has been an incredibly difficult decision to make, and it pains me to part with the club in this manner," Abramovich continued.  

"However, I do believe this is in the best interest of the club."

The European Union and the west have sanctioned several Russian oligarchs who are linked to President Vladimir Putin, following the invasion of Ukraine, and many have claimed the decision to sell the club has been taken to avoid similar moves by the UK authorities. 

The Chelsea Supporters Trust thanked Abramovich for his efforts over the years.

"The Chelsea Supporters' Trust Board regretfully acknowledges the statement from Roman Abramovich," it said.

"The CST would like to express our gratitude to Mr Abramovich for his affection, passion and dedication towards Chelsea FC."

Abramovich has loaned more than £1.5 billion ($2 billion/€1.8 billion) to Chelsea.

Swiss billionaire Hansjorg Wyss is reportedly among the people who have been offered a chance to buy the Premier League club.

Abramovich bought Chelsea in 2003 for £140 million ($187 million/€169 million) and since then they have achieved unprecedented success.

The club has won five Premier League titles and the Champions League twice under the Russian's ownership.