With the threat of financial sanctions looming, Chelsea's Russian owner Roman Abramovich confirmed today he is trying to sell the English Premier League club he turned into an elite trophy-winning machine with his lavish investment.

The speed of Abramovich's pending exit from Chelsea is striking as he was trying to instigate a plan this past weekend to relinquish some control in order to keep the club under his ownership.

But as Russia's war on Ukraine entered a seventh day, pressure was growing on the British government to include him among the wealthy Russians to be targeted in sanctions.

"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," Abramovich said in a statement.

Abramovich said he will not be asking to be repaid 1.5 billion pounds (NZ$2.95 billion) in loans he has granted the club during 19 years of injecting cash to elevate the team into one of the most successful in Europe. The Blues won the Club World Cup for the first time last month — in front of Abramovich in Abu Dhabi — after securing a second Champions League title last year.

"I have instructed my team to set up a charitable foundation where all net proceeds from the sale will be donated," he said. "The foundation will be for the benefit of all victims of the war in Ukraine."

According to reports Abramovich is asking for £3 billion (NZ$5.91b) for the club.

Swiss billionaire Hansjorg Wyss claims that he "received an offer on Wednesday to buy Chelsea from Abramovich" along with three other people.

"Abramovich is trying to sell all his villas in England, he also wants to get rid of Chelsea quickly," Wyss was quoted as telling Swiss newspaper Blick. "Abramovich is currently asking far too much."

Wyss said he would only be interested in joining a "consortium consisting of six to seven investors" to buy Chelsea. The club has the smallest and most dated stadium of the Premier League's most successful clubs, with plans for a rebuild of the 41,000-capacity venue put on hold by Abramovich in 2018 as British-Russian diplomatic tensions deepened.

The need for upgrades at Stamford Bridge, the debt and the potential need for a rapid sale could hamper Abramovich receiving the asking price — as could any government intervention.

- AP