Death of former Chelsea president and owner Ken Bates at 94

- Bought the club for one pound sterling... sold it later for £140 million

Chelsea and former Leeds United owner and president Ken Bates has died at the age of 94 in Monaco, the club announced on Saturday, according to Reuters.

Bates was Chelsea’s third-longest-serving president, having led the club for 22 years after acquiring it in 1982 for just one pound sterling, while assuming debts of around £2 million.

During his presidency, Bates restored Chelsea to the ranks of elite clubs, guiding them to victory in the FA Cup in 1997 and 2000, the League Cup in 1998, and the European Cup Winners’ Cup in the same year.

In 2003, he sold the club to Russian businessman Roman Abramovich in a deal valued at approximately £140 million, before taking over as president of Leeds United in 2005, where he remained owner for nearly eight years.

Chelsea described its former president as a man of strong character and great determination, affirming that his efforts in leading the club through difficult times and contributing to its trophy wins would remain etched in the club’s history.

Bates also founded the non-profit organization “Chelsea Pitch Owners,” which played a pivotal role in protecting the ownership of Stamford Bridge and preventing redevelopment projects by property developers.