Chelsea’s Russian owner Roman Abramovich has said he is giving the “trustees of Chelsea’s charitable foundation the stewardship and care” of the club.
The announcement comes amid Russia’s invasion of Ukraine.
Abramovich will remain as Chelsea owner, but will not be involved in any decision-making at the Stamford Bridge club.
In a statement released on Saturday night, 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.”
Earlier this week it was announced that the Champions League football final in May has been moved from St Petersburg in Russia to Paris.
September’s Formula One Russian Grand Prix has also been cancelled.
The decisions were welcomed by the British Government.
Culture secretary Nadine Dorries said: “Our message is clear: Russia must not be able to legitimise their heinous and barbaric attack on Ukraine by hosting international sporting and cultural events.”