Roman Abramovich has been disqualified as a director of Chelsea Football Club, the Premier League has announced.

It comes after the Russian billionaire and owner of the club was sanctioned by the British government as part of attempts to crack down on wealthy Russians in response to the invasion of Ukraine.

Mr Abramovich has had a “close relationship for decades” with Russian President Vladimir Putin, a government document announcing the move said.

Follow live updates on the Ukraine war

A statement from the Premier League said: “Following the imposition of sanctions by the UK Government, the Premier League Board has disqualified Roman Abramovich as a Director of Chelsea Football Club.

“The Board’s decision does not impact on the club’s ability to train and play its fixtures, as set out under the terms of a licence issued by the Government which expires on 31 May 2022.”

Mr Abramovich put Chelsea up for sale on 2 March, pledging to write off the Blues’ £1.5bn debt and to divert all proceeds to a new foundation to benefit victims of the war in Ukraine.

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Chelsea owner Roman Abramovich sanctioned by UK Government

And bidders have been given extra time to bid for last season’s Champions League winners after the government’s sanctions threw an already-complex firesale into disarray.

Sky News has learnt that parties which have joined the process being run by Raine, the New York-based merchant bank, were informed on Friday evening that they would now have until 18 March to submit indicative offers – three days after the original deadline.

Read more: How sanctions on owner Roman Abramovich will affect fans

The extension follows another day of chaos at Stamford Bridge on which it emerged that Chelsea had had its corporate bank accounts frozen by Barclays and it became clear that the club was engaged in a race against time to remain solvent.

A rapid sale is now seen as essential if Chelsea is to remain solvent and therefore retain the nucleus of a playing squad which has become established as one of Europe’s most successful under Mr Abramovich’s ownership.

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