It could be the end of an era for Chelsea supporters around the world.

Since Russian billionaire Roman Abramovich bought Chelsea in 2003, the Premier League outfit have become one of the most successful football powerhouses, collecting 19 major trophies along the way, including two Champions League crowns, five league titles and their first Club World Cup.

However, the Blues' future has been thrown into serious doubt as Abramovich announced on Wednesday night that he had made the "incredibly difficult" decision to sell his beloved club, bowing to increasing pressure to end his ownership at Stamford Bridge after Russia began a military operation in Ukraine last week.

"I have always taken decisions with the club's best interest at heart," Abramovich said in a statement. "In the current situation, I have therefore taken the decision to sell the club, as I believe this is in the best interest of the club, the fans, the employees, as well as the club's sponsors and partners."

"The sale of the club will not be fast-tracked but will follow due process. I will not be asking for any loans to be repaid. I have instructed my team to set up a charitable foundation where all net proceeds from the sale will be donated," he added.

Abramovich's announcement comes as the British Labour Party leader Sir Keir Starmer publicly called on the government to impose sanctions on the Chelsea owner as part of the UK's response to Russia's actions in Ukraine.

"He is a person of interest to the Home Office because of his links to the Russian state and his public association with corrupt activity and practices," said Starmer.

According to multiple media outlets, U.S. firm Raine Group have been appointed to manage the sale. Swiss business tycoon Hansjoerg Wyss has revealed that Abramovich contacted interested parties as early as Tuesday to sound out potential interest.

"Abramovich is currently trying to sell all his villas in England. He also wants to get rid of Chelsea quickly now," Wyss was quoted as saying by Swiss newspaper Blick. "I, along with three other people, received an offer on Tuesday to buy Chelsea from Abramovich."

"I have to wait four to five days now... As of today, we don't know the exact selling price," he added. "I can well imagine starting at Chelsea with partners, but I have to examine the general conditions first. What I can already say is I'm definitely not doing something like this alone. If I buy Chelsea, then with a consortium consisting of six to seven investors."

ESPN claimed that interested parties also include Los Angeles Dodgers owner Todd Boehly, who expressed interest in buying a Premier League club in 2019.

Meanwhile, Everton football club announced that they have cut ties with all Russian sponsors, including USM Holdings which is owned by Russian metals mogul Alisher Usmanov. The former Arsenal co-owner is among the oligarchs sanctioned by the EU and is also said to be on a list of people due to face sanctions by the U.S. Treasury, according to the Washington Post.

"Everyone at Everton remains shocked and saddened by the appalling events unfolding in Ukraine," read a statement. "This tragic situation must end as soon as possible, and any further loss of life must be avoided."

"The players, coaching staff and everyone working at Everton is providing full support to our player Vitalii Mykolenko and his family and will continue to do so," it added.