Roman Abramovic has decided to hand over control of Chelsea to the club's trustees amid the controversy surrounding Russia's invasion of Ukraine.
The Russian billionaire says he is "giving trustees of Chelsea's charitable foundation the stewardship and care" of the club.
The decision was made on the eve of Chelsea's Carabao Cup final match against Liverpool at Wembley.
"I have always taken decisions with the club's best interest at heart," Abramovich said in a statement.
"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."