Roman Abramovich has confirmed he is selling Chelsea Football Club.

Earlier this week, Labour MP Chris Bryant used Parliamentary Privilege to also reveal Abramovich is selling his UK home and another flat.

Bryant told the House of Commons that the 55-year-old is “terrified of being sanctioned”.

Abramovich now wants to sell the Stamford Bridge side, with Swiss billionaire Hansjorg Wyss claiming he has been offered the chance to buy the club.

Abramovich is owed £1.5bn by Chelsea after buying the club in a £140m deal in 2003.

However the Russian billionaire insists he will not ask for any of the loans to be repaid.

He also noted the sale of Chelsea “will not be fast-tracked but will follow due process”.

“This has never been about business nor money for me, but about pure passion for the game and club,” Abramovich said in a statement today.