Chelsea owner Roman Abramovich has confirmed that he is selling the club he has backed for 19 years. In a statement on the club website he said: “I have stated before, I have always taken decisions with the club’s best interest at heart. 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.”

“The sale will not be fast-tracked but will follow due process. I will not be asking for any loans to be repaid. This has never been about business nor money for me, but about pure passion for the game and club.

“Moreover, I have instructed my team to set up a charitable foundation where all net proceeds from the sale will be donated. The foundation will be for the 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.

“Please know that this has been an incredibly difficult decision to make, and it pains me to part with the club in this manner. However, I do believe this is in the best interest of the Club.

“I hope that I will be able to visit Stamford Bridge one last time to say goodbye to all of you in person. It has been a privilege of a lifetime to be part of Chelsea FC and I am proud of all our joint achievements. Chelsea and its supporters will always be in my heart.”

The Russian tycoon values the club at £3 billion and, with his ownership of Chelsea under the spotlight as a result of Russia’s invasion of Ukraine, the process is understood to have already begun. A number of billionaires have been sounded out as to their appetite to buy Chelsea.

According to reports by Sky News, Abramovich has approached The Raine Group, a New York merchant bank, to oversee the sale, and they are targeting US and Asian buyers. It is believed they will ask interested parties to declare their hands by mid-March.

The Ineos billionaire Jim Ratcliffe has previously expressed an interest in Chelsea, though he believes Premier League clubs are overvalued.

In the past, Abramovich, who has loaned the club £1.5 billion during his tenure, has resisted multiple attempts to buy Chelsea, reportedly rejecting offers in excess of £2 billion for the European champions. But Russia’s invasion of Ukraine has opened the door to potential buyers because of the threat of sanctions.

The Swiss billionaire, Hansjorg Wyss, who is worth a reported £3.8 billion, has claimed he has been offered the chance to buy the club and would be interested in investing as part of a consortium. “Abramovich wants to get rid of Chelsea quickly,” the 86-year-old told the Swiss newspaper Blick.

“I and three other people received an offer on Tuesday to buy Chelsea from Abramovich. I have to wait four to five days now. Abramovich is currently asking far too much. You know, Chelsea owe him £2 billion. But Chelsea has no money. As of today, we don’t know the exact selling price.”

The Russian-Israeli billionaire bought the Blues in 2003 from businessmen Matthew Harding and Ken Bates for £140 million. Chelsea, now one of the most valued football clubs in the world, had been on the verge of bankruptcy in 1982 when it was bought by Bates for a mere £1.

No English club has won more trophies (19) than Chelsea since Abramovich took over in 2003. The 55-year-old billionaire has twice seen his team win the Champions League, with five Premier League titles among the multiple domestic honours.

(Written with inputs from agencies)