Bruce Buck, who has served as Chelsea chairman since 2003, is stepping down from his position following the change of ownership at the Premier League club. Chelsea said on Monday that Buck “will continue to support the club as a senior advisor.”

Chelsea was sold last month for $3.2 billion — the highest price ever paid for a sports team — to a consortium fronted by Los Angeles Dodgers part-owner Todd Boehly.

It marked the end of the trophy-filled, 19-year tenure of Roman Abramovich, the Russian oligarch who was forced to sell the club in March after being sanctioned by the British government for what it called his enabling of Russian President Vladimir Putin’s “brutal and barbaric invasion” of Ukraine.

“I am proud to have helped Chelsea realise great success on the pitch and make a positive impact in the community,” Buck said in a statement. “Now is the right time to step down and let new ownership build on the strong foundations we have in place.

“The owners have a compelling vision for Chelsea’s future, and I look forward to helping them achieve it in this new role alongside our incredible staff, players, coaches and supporters.”

Buck, as chairman of the Chelsea foundation trustees, was temporarily given stewardship of the club before Abramovich was sanctioned by the British government.

The 74-year-old oversaw huge success at Chelsea for both the men’s and women’s teams.

“Bruce has led Chelsea Football Club to the highest levels of international and domestic football, while also developing one of the most active social responsibility projects in sport,” Boehly said. “We thank Bruce for his service and his commitment to the club.”