Richard Masters thinks Roman Abramovich is making the "right decision" by putting Chelsea Football Club up for sale.
The Russian billionaire confirmed in a statement on Wednesday evening that he believes selling the Blues to a new owner is in the "best interest" of the club as well as the supporters.
He said: "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."
Now, Premier League chief executive Masters has shared his thoughts on the matter, saying that the correct call has been made by Abramovich to step down as Chelsea owner.
"It is the right decision. It is unsustainable in the current environment," Masters said, when speaking at the Financial Times Business of Football Summit.
Abramovich has slapped a £3billion price-tag on the west London football club, with Sky News reporting on Wednesday that the businessman had turned down a £2.5bn offer.
Chelsea boss Thomas Tuchel admitted that it was difficult for him to imagine life at Stamford Bridge without Abramovich, when speaking to the media following his side's FA Cup victory against Luton Town on Wednesday.
Tuchel said: "It's a bit too early as it's big news. It's a bit too early for me to speak. I can only think about Chelsea with Roman Abramovich, so it's very hard for me. It didn't sink in yet this is going to stop. It's a massive change."
