Chelsea owner Roman Abramovich has said he is giving trustees of the club’s charitable foundation “stewardship and care” of the Premier League side.
Abramovich, 55, has owned Chelsea, the reigning European champions, since 2003.
The move comes after the UK parliament heard on Thursday that Abramovich should hand over the club in the wake of Russia’s invasion of Ukraine.
A statement published on Chelsea’s website on Saturday night said: “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.
“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.”
Abramovich’s position as the owner of Chelsea has come under increased scrutiny this week.
On Thursday, Chris Bryant, a Labour MP, said during Business Questions at the House of Commons on Thursday that he had obtained documents from 2019 which link Abramovich to illicit finance and “malign activity”.
Abramovich has always vehemently denied being close to the Kremlin or having done anything which could merit him being punished.
Earlier in the week Prime Minister Boris Johnson claimed that Abramovich already faced sanctions from the UK government, but his spokesperson later clarified that the Prime Minister had “misspoke” in the House of Commons.