Chelsea Football Club has announced the passing of its former owner and chairman, Ken Bates, who died peacefully in Monaco at the age of 94 with members of his family by his side.

The club paid tribute to him, describing his commitment and determination during some of Chelsea’s most difficult years as a legacy that supporters will always remember.

Bates took over Chelsea in 1982 after buying the club for just £1 while also accepting responsibility for its debts at a time when the club was facing serious financial challenges.

Over his 22-year spell as chairman, he played a major role in stabilising Chelsea and helping transform the club from one battling financial problems and the threat of relegation into a competitive force in English football.

During the 1990s, Chelsea enjoyed one of the most successful periods in its history under his leadership, signing several high-profile players including Gianfranco Zola, Gianluca Vialli, Ruud Gullit, Roberto Di Matteo, Marcel Desailly and Dan Petrescu.The club also won major honours, including two FA Cups, the League Cup, the UEFA Cup Winners’ Cup, the UEFA Super Cup and the Community Shield.

In 2003, Bates sold his majority stake in Chelsea to Russian businessman Roman Abramovich but remained at the club for another eight months before stepping down.

Chelsea expressed heartfelt condolences to his wife, Suzannah, his family and friends, while recognising the lasting impact he made on the club’s growth and long-term success.