Russian billionaire Roman Abramovich announced on Wednesday that he is selling English Premier League team Chelsea FC.
"As I have stated before, I have always taken decisions with the Club's best interest at heart," he 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."
He added: "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."
Abramovich's announcement comes in the wake of sweeping sanctions from the West targeting Russian oligarchs after Russian President Vladimir Putin ordered his troops to invade Ukraine last week.
The stunning announcement from one of England's top clubs rocked the football world. Abramovich has owned the team since 2003.
This story is developing. Please check back for updates.