English FA Premiership: Chelsea owner Ken Bates has cleared the way for a Russian businessman to buy the club for around £30 million. Stamford Bridge chairman Bates has agreed to sell his £17.5 million stake in Chelsea Village to Russian businessman Roman Abramovich.

Abramovich yesterday arranged to buy 84,908,506 Chelsea Village Shares - around 50 million of which are owned by Bates - representing approximately 50.09 per cent of the entire issued share capital of Chelsea Village, parent company of the Premiership club.

The total cost of purchasing these shares will cost the 36-year-old Abramovich £29.6 million.

Abramovich, one of the major shareholders in one of Russia's largest oil companies, is a keen follower of sport and international football and owns an ice hockey team in his homeland.

"We are delighted to agree this deal to acquire what is already one of the top clubs in Europe," he said.

"We have the resources and ambition to achieve even more given the huge potential of this great club."

Bates said: "This is a great deal for Chelsea Village, the club and our fans.

"We have achieved an enormous amount over the past 21 years building a fantastic new stadium and a talented team which is firmly established as one of the top clubs in Europe.

"In today's highly competitive football market, the club will benefit from a new owner with deeper pockets to move Chelsea to the next level. I look forward to working with Roman Abramovich to achieve even greater things."

Abramovich has pledged to buy more shares in the company, and in a statement announcing the deal the club revealed: "The board of Chelsea Village considers the terms of the offer to be fair and reasonable and, accordingly, will recommend all Chelsea Village shareholders to accept the offer."

Abramovich received a legal degree from Moscow State Law Academy before working for Sibneft, the fifth largest Russian oil producer, and subsequently being elected to the board of directors in 1996, a position he held until 2000.

In 1999, he was elected to the lower house of the Russian parliament.

Chelsea finished fourth in the English premier league last season to qualify for the Champions League.

Under Bates they have achieved some success in cup competitions but never seriously challenged for the title, which they have won only once, in 1955.