Chelsea owner Roman Abramovich says he is “giving trustees of Chelsea’s charitable Foundation the stewardship and care” of the club, in a suprise statement.
The billionaire has faced calls to relinquish control of the two times Champions League winners in the wake of Russia's invasion of Ukraine.
Earlier this week, Welsh MP Chris Bryant spoke in the House of Commons abouts his concerns between Mr Abramovich and the Russian state.
Read more: Live Ukraine updates as protests against Russia's attacks break out across Europe
In a statement, Mr Abramovich 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."
Mr Abramovich will remain as Chelsea owner, but will not be involved in any decision-making at the Stamford Bridge club.
It is believed he took the decision in order to protect Chelsea from continual links to the wider situation amid the conflict in Ukraine.
Chelsea’s senior leadership set-up will not change, it is understood.
Mr Abramovich’s step backwards will not have any bearing on any possible UK government sanctions, but was a decision taken solely in Chelsea’s interests.
After Russian troops crossed the border into Ukraine on Tuesday, Rhondda MP Mr Bryant told the House of Commons that the Russian-Israeli billionaire should have his assets seized.
The Labour politician also questioned whether Mr Abramovich should be allowed to operate a football club himself, and quoted a leaked government document suggesting he should not be allowed to be based in the UK.
The Chelsea owner is alredy effectively barred from living in the UK, having withdrawn his UK Tier 1 investor visa application in 2018.
He has denied having links with the Kremlin, amid British sanctions on high-profile Russians.
Earlier in the week his daughter Sofia ended up in the headlines after sharing an anti-Vladimir Putin meme on social media.
The Instagram post showed the sentence "Russia wants a war with Ukraine", with the word Russia crossed out and replaced with Putin.
It then features the message: "The biggest and most successful lie of Kremlin's propaganda is that most Russians stand with Putin'.
An image of the Russian president is then crossed out.
