Abramovich, whose financial worth reduced this year due to the covid-19 pandemic, has agreed to sell his stake in Highland Gold Mining Ltd to Fortiana Holdings Ltd, according to Bloomberg.
The gold market is enjoying a resurgence amid the pandemic and the 53-year-old who is currently valued at around $12billion (£9m) by Forbes, will now sell his 40 per cent stake in Highland Gold, in which he was a shareholder for many years.
Fortiana Holdings Limited, a Cyprus-registered company of Russian businessman Vladislav Sviblov, agreed to buy 145,759,871 shares in Highland Gold from Abramovich and his partners at £3.00 per share.
Highland Gold is one of the top ten gold producers in Russia with several mines in Russia’s Far East.
The offer is expected to complete in the fourth quarter of 2020.
Chelsea have won 16 trophies since Abramovich bought the club.