In a statement, the Russian billionaire 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.”
This move comes in light of Russia’s current invasion of Ukraine, ordered by President Vladimir Putin, with who Mr Abramovich has had close ties with.