Russian businessman Roman Abramovich says he has decided to sell English Premier League soccer team Chelsea and use the proceeds to set up a charitable foundation "for the benefit of all victims of the war in Ukraine."
Abramovich said in statement published by the team on its website that he believes a sale is in the overall interest of the team.
"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."
Abramovich said he would not ask for loans he has made to the club to be repaid to him and the sale would not be fast-tracked.
Abramovich last week unexpectedly turned over the "stewardship and care" of the team to its charitable foundation trustees.
The Russian billionaire, who bought the team in 2003, announced the move on February 26 after a member of the British Parliament called for the Russian to hand over the club following Russia's unprovoked invasion of Ukraine.
Abramovich said at the time he would still own the club, but control of its activities would go to the trustees.
Now he said he told his aides to set up a charitable foundation that would receive all net proceeds from the sale.
"The foundation will be for the benefit of all victims of the war in Ukraine," Abramovich said in the statement.
"This includes providing critical funds towards the urgent and immediate needs of victims, as well as supporting the long-term work of recovery."
The decision, he said, had been "incredibly difficult" and "it pains me to part with the club in this manner."
Abramovich Announces Decision To Sell Chelsea Soccer Team
Roman Abramovich attends a meeting in Moscow in September 2021.