Roman Abramovich has handed over decision-making powers at Chelsea to the trustees of the club's charitable foundation, effectively giving executive control to seven figures on its board including chairman Bruce Buck, women's head coach Emma Hayes and the head of World Athletics Seb Coe.
The 55-year-old has taken the decision to relinquish control to protect the club from reputational damage following Russia's attempted invasion of Ukraine. Abramovich has always denied close links to Russian president Vladmir Putin.
Chelsea insist that Abramovich, who has invested more than £1.5billion since buying the club in 2003, has no intention of selling but it remains unclear how the Blues would be affected if he ends up being sanctioned by the UK government.
He is free to continue investing unless sanctions are imposed and no timescale has been put on his decision to step back. The club's latest accounts, for the financial year ending May 2021, said it was "reliant on its ultimate parent undertaking.... for its continued support" but the club said it will be insulated should sanctions be placed on Abramovich.
Footballing decisions, such as transfers and contracts, will continue to be made by director Marina Granovskaia alongside technical adviser Petr Cech.
The other foundation trustees are Piara Power, the former chief executive of Kick It Out; Paul Ramos, the club's director of finance; John Devine, a sports lawyer who has worked closely with many Premier League clubs; and Sir Hugh Robertson, a former government minister.
In the statement, released on the eve of their Carabao Cup final against Liverpool, Abramovich made no mention of the war in Ukraine.
"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," the statement read.
"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."
The statement comes three days into the attempted invasion of Ukraine which has led to calls for Russians with significant business interests in the UK to have their assets frozen.
Speaking under parliamentary privilege earlier this week, the Labour MPs Dame Margaret Hodge and Chris Bryant called for Abramovich to be among those to face sanctions that, according to the Government, "is aimed at encouraging Russia to cease actions destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine."
