Chelsea owner Roman Abramovich has relinquished the "stewardship and care" of the club to their charitable foundation.
The Russian oligarch, 55, bought the Blues in 2003 and they have won every trophy available to them, including five Premier League titles and two Champions Leagues, under his tenure.
An enigmatic figure seldom seen at Stamford Bridge in recent years, Abramovich has found himself in the spotlight over the last few days in light of Russia's invasion of Ukraine.
He is alleged to have links with Vladimir Putin - something he denies - and his ownership of Chelsea has been plunged into doubt in light of the severe sanctions imposed on the invading nation.
His daughter, Sofia, lashed out at the Russian president in a social media post on Friday, pinning the blame for the war in Ukraine solely on Putin rather than his subjects.
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In a fresh development on Saturday evening, Abramovich released a statement on Chelsea's official website confirming he would be passing over the "stewardship and care" of the club to their charitable foundation.
He said: "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."
Abramovich's statement comes after Labour MP Chris Bryant called for him to be banned from owning Chelsea and for his assets to be seized.
He said: "Surely Mr Abramovich should no longer be able to own a football club in this country?
"Surely we should be looking at seizing some of his assets, including his £152m home, and making sure that other people who've had tier one visas like this are not engaged in malign activity in the UK?"
Bryant was speaking in relation to a leaked Home Office document from 2019 which states "in relation to Mr Abramovich, as part of HMG's [Her Majesty's Government's] Russia strategy, aimed at targeting illicit finance and malign activity, Abramovich remains of interests to HMG due to his links to the Russian state and his public association with corrupt activity and practices".
