Roman Abramovich is set to sell Chelsea.

The Russian oligarch who has owned the London-based club since 2003 made the announcement on Wednesday. The 55-year-old Abramovich says that net profits will be donated to "all victims of the war in Ukraine."

Abramovich previously announced last week that he was handing over the stewardship of the club to its board of trustees.

"As I have stated before, I have always taken decisions with the club’s best interest at heart," Abramovich said in a statement. "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."

Abramovich says that due diligence will be done with the sale, but that outstanding loans will not be repaid.

"The sale of the club will not be fast-tracked but will follow due process," he said. "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."

Since buying the team from Ken Bates, Abramovich turned the Blues into a juggernaut. Since 2003, Chelsea has won five Premier League titles, five FA Cups, three League Cups, two Europa League titles and two Champions League crowns.