Russia-Ukraine war: Chelsea's Russian owner Roman Abramovich hands over club control to charitable foundation

Chelsea owner Roman Abramovich has announced that he will be handing the day-to-day functioning of the club to trustees.

The Russian owner has been at the helm of the club for almost 20 years, but ties with his home country have been questioned off late following the Russia-Ukraine conflict.

This move from Abramovich comes ahead of Chelsea's Carabao Cup final clash against Liverpool.

Statement from Club Owner Roman Abramovich. — Chelsea FC (@ChelseaFC) February 26, 2022

"During my nearly 20-year ownership of Chelsea FC, I have always viewed my role as a custodian of the Club, whose job it is ensuring that we are as successful as we can be today, as well as build for the future, while also playing a positive role in our communities," said Abramovich in an official statement.

"I have always taken decisions with the Club's best interest at heart. I remain committed to these values. That is why I am today giving trustees of Chelsea's charitable Foundation the stewardship and care of Chelsea FC. I believe that currently they are in the best position to look after the interests of the Club, players, staff, and fans," he added.

Abramovich had taken over the control at Chelsea in 2003. Under his reign, the Blues managed to win five Premier League titles and two Champions League titles.

Following rising tension between Russia and Ukraine, the sports fraternity has become proactive and many events in Russia have been cancelled, including the Russian Grand Prix.

The Champions League final has also been moved out of Russia and it will now take place in Paris.

Russian President Vladimir Putin on Thursday had announced a military operation in Ukraine and warned other countries that any attempt to interfere with the Russian action would lead to "consequences they have never seen."