Abramovich to direct money from Chelsea FC sale to fund to help victims of Ukraine conflict

MOSCOW. March 2 (Interfax) - Roman Abramovich has decided to direct money from the sale of Chelsea FC to a foundation for the benefit of those affected by the conflict in Ukraine.

Abramovich said in his statement on the decision to sell the club that this project has never been about business for him, and in parting ways with Chelsea FC he will not be asking for the loans he had previously given to be repaid.

"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," Abramovich said in a statement posted on the club's website.