Roman Abramovich confirms he will SELL Chelsea – and quashes £1.5billion debt owed by club

Roman Abramovich has announced he plans to sell Chelsea.

The Russian owner has come under increasing pressure to part company with the club due to his association with Vladimir Putin and the invasion of Ukraine.

Crucially, the billionaire oligarch confirmed he will not ask the club to repay him the £1.5bn he has loaned them during his 19-year ownership.

Abramovich added that net proceeds from the sale will be donated to charitable foundation set up to “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.”

Abramovich’s announcement comes after increasing calls for the UK government to impose sanctions on him along with other Russian oligarchs.

While he has not been sanctioned, MP Chris Bryant claimed on Tuesday that he was selling up his property portfolio in London.

Swiss billionaire Hansjorg Wyss claimed he was offered the chance to buy the European champions, but the asking price was too high.

It has since emerged that US billionaire Todd Boehly has already had a bid rejected in recent weeks, but he is expected to Wyss to make a fresh offer.

Abramovich has already made a stalled attempt to hand over stewardship to the trustees of the club’s charitable foundation, which prompted a “serious incident” to be reported to the Charity Commission.