The Russian billionaire who owns Chelsea FC announced he will sell the club as sanctions target oligarchs

Russian billionaire Roman Abramovich announced on Wednesday that he is selling his team.

I have always taken decisions with the best interests of the Club in mind.

All net proceeds from the sale will be donated to a charity. All victims of the war in Ukraine will benefit from the foundation.

The announcement comes in the wake of sweeping sanctions from the West targeting Russian oligarchs after Russian President Vladimir Putin ordered his troops to invade Ukraine last week.

The football world was shocked by the announcement from one of England's top clubs. The team has been owned byAbramovich since 2003 when he bought the club for $190 million. According to the New York Times, the club is up for sale.

In the last five years, the club has won five times. Since 2003 the Blues have won five FA Cups.

Raine Group, an investment bank that has worked withAbramovich in the past, is helping coordinate the sale. Raine Group was involved in the sale of the Minnesota Timberwolves.

Manchester City andLiverpool are the only two teams in the English premier league that are not in third place.