Former Chelsea and Leeds United owner Ken Bates has died at the age of 94.
Chelsea announced the death of Bates on Saturday, saying he had “passed away peacefully in Monaco this morning surrounded by his wife and family”.
Bates bought Chelsea for £1 in 1982 when they were in the old Second Division, taking on debts of £1.5m, and set about turning around their fortunes.
He eventually sold the club to Roman Abramovich in 2003 in a deal worth £140m when they were in the English top flight.
The Stamford Bridge club were heavily in debt when Bates sold his shares. He stayed on as chairman before stepping down in 2004.
Chelsea said in a statement: “It is with great sadness that we share the news of the loss of Ken Bates, former owner and chairman of Chelsea Football Club.
“The club sends our heartfelt condolences to Ken’s wife Suzannah, the rest of his family and his friends.
“Ken’s determination to fight for Chelsea when times were tough, and drive the team on to winning trophies will never be forgotten.”
John Neal, John Hollins, Bobby Campbell, Ian Porterfield and David Webb served as managers under Bates before he appointed Glenn Hoddle, Ruud Gullit, Gianluca Vialli and Claudio Ranieri.
It was under Gullit that Chelsea ended their 26-year wait for a major trophy when they won the FA Cup in 1997.
More to follow.