Abramovich, who is seen as a close confidant of Russian President Vladimir Putin, has invested hundreds of millions of euros in Chelsea.
In a brief statement on Chelsea’s website, in which Abramovich said he would transfer the “stewardship and care” for Chelsea to the foundation, he said nothing about the war in Ukraine.
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“During my nearly 20-year stint as owner of Chelsea, I have always seen myself as the club’s guardian, whose job it is to make sure we are as successful as we are today,” Abramovich said. “We are building the future while also playing a positive role in our communities. I have always made decisions in the best interests of the club. That is why today I give the trustees of Chelsea’s foundation the stewardship and care of Chelsea. I think they are currently in the best position to represent the interests of the club, the players, staff and fans.”