Abramovich has been the owner of Chelsea since 2003 and since his arrival has seen a transformation in the fortunes of the club.
Roman Abramovic, Russian billionaire, has handed over Chelsea Football Club of London to the trustees of the club's charitable foundation.
In a statement on its website, he 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."
Abramovich has been the owner of Chelsea since 2003 and since his arrival has seen a transformation in the fortunes of the club.
The trustees of the Chelsea Foundation are Bruce Buck, John Devine, Emma Hayes, Piara Powar, Seb Coe and Hugh Roberston.
His move tonight came after parliament was told he had been named as a person of interest in 2019 because of alleged links to the Russian state and alleged 'association with corrupt activity and practices'.
On Friday night it was claimed any attempts to place sanctions upon him could have been disastrous for the club.
The Russian billionaire has faced renewed focus on his activities this week.