Roman Abramovich has sensationally confirmed that Chelsea is up for sale, with the Russian oligarch reportedly slapping a £3billion asking price on the London club while also writing off the £1.5billion debt he is owed from it.

In a surprise development just after 6pm, Russian Abramovich broke his silence to confirm he is in the process of selling Chelsea FC – with proceeds of the prospective sale to be donated to the victims of war in Ukraine.

The club had been put on the market, with a view to recouping at least £3billion, as Abramovich seeks to distance himself from Russian President Vladimir Putin and sanctions imposed on Russia by the west over its devastating and illegal invasion of Ukraine.

In a statement, Abramovich confirmed: “I would like to address the speculation in media over the past few days in relation to my ownership of Chelsea FC.

“As I have stated before, I have always taken decisions with the Club’s best interest at heart. In the current situation, I have therefore taken the decision to sell the Club, as I believe this is in the best interest of the Club, the fans, the employees, as well as the Club’s sponsors and partners.”

Abramovich said he will not be asking to be repaid £1.5billion in loans he has granted the club during 19 years of injecting cash to elevate the team into one of the most successful in Europe.

“The sale of the Club will not be fast-tracked but will follow due process. I will not be asking for any loans to be repaid, ”he said.

“This has never been about business nor money for me, but about pure passion for the game and Club. Moreover, 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. This includes providing critical funds towards the urgent and immediate needs of victims, as well as supporting the long-term work of recovery.”

The speed of Abramovich’s pending exit from Chelsea is striking as he was trying to instigate a plan this past weekend to relinquish some control in order to keep the club under his ownership.

But as Russia’s war on Ukraine entered a seventh day, pressure was growing on the British government to include him among the wealthy Russians to be targeted in sanctions.

Earlier, it was reported that the billionaire had already begun a ‘fire sale’ of his sprawling London portfolio as he tries to offload Chelsea for £3billion and £200million worth of properties – with an MP claiming the Russian billionaire is acting quickly to stop his assets being frozen.

Labour’s Chris Bryant, using parliamentary privilege to avoid legal action, alleged the tycoon is selling his home and an apartment because he is ‘terrified of being sanctioned’, adding that he feared the government will soon run out of time to act.

Abramovich is worth £10.4bn ($12.5bn), according to Forbes, and owns a £150m Kensington mansion, a £22m penthouse, and more than £1.2bn of yachts, private jets, helicopters and supercars in Britain and globally.

Chelsea FC is his most valuable British asset, after the oligarch transformed its fortunes from outside challengers to Premier League giants with the help of Jose Mourinho and huge signings like Didier Drogba, so its sale will be a personal blow to the billionaire industrialist.