Roman Abramovich, the owner of Chelsea, has handed the club to a philanthropic organization.
On Saturday, Abramovich announced this in a statement.
This is in response to Russian President Vladimir Putin’s decision to go to war with Ukraine’s neighbor.
As part of its sanctions on Russia, the European Union (EU) is taking assets belonging to Russians and the Russian government.
There have been demands for Chelsea to be taken away from Abramovich, and the billionaire businessman turned the club over to Chelsea’s Charitable Foundation on Saturday, stating he feels they are the finest people to look after it.
His statement reads:
“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.”