Chelsea's Russian billionaire owner says proceeds from selling the club will go toward 'victims of the Ukraine war'

• Chelsea FC's Russian billionaire owner said any net proceeds from the club's sale will go toward helping victims of the war in Ukraine.
• In a statement, Roman Abramovich said net proceeds from the sale will go toward the "urgent and immediate needs of victims."

Chelsea FC's Russian billionaire owner who announced he is selling the club said net proceeds from the sale will go toward helping victims of the war in Ukraine.

Roman Abramovich announced on Wednesday that he is selling English Premier League team Chelsea FC.

"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 said in a statement.

"This includes providing critical funds towards the urgent and immediate needs of victims, as well as supporting the long-term work of recovery," he added.

Abramovich has owned the team since 2003, when he bought the club for roughly $190 million. According to the New York Times, Abramovich is looking to sell the club for $2.5 billion.

The Times also reported that Abramovich has spent a lot of money to continue to bring talent to Chelsea during his time as owner.

Per the Times: "Abramovich is estimated to have invested something in the region of $2 billion in the club — interest-free loans worth about 10 times the price he paid for the team — since acquiring it in 2003."

Abramovich's decision to sell the club comes as he is set to face potential sanctions from the West following Russia's invasion of Ukraine last week.