Chelsea have announced chairman Bruce Buck will be stepping down from his role at the end of the month.
Buck has served as Chelsea chairman since 2003.
He will continue to support the club as a senior advisor under the new ownership of Todd Boehly, who has bought Chelsea from Roman Abramovich.
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According to the Telegraph, Boehly is set to take over the chairman role while Marina Granovskaia, who was in charge of transfer negotiations under Abramovich, is also set to depart.
“I am proud to have helped Chelsea realise great success on the pitch and make a positive impact in the community,” said Buck in a statement.
“Now is the right time to step down and let new ownership build on the strong foundations we have in place.
“The owners have a compelling vision for Chelsea’s future, and I look forward to helping them achieve it in this new role alongside our incredible staff, players, coaches and supporters.”
Chelsea won 18 major men's trophies during Buck's time at the club, including five Premier League titles and the Champions League twice.
Chelsea also won 12 major women's trophies.
Boehly added: “Bruce has led Chelsea Football Club to the highest levels of international and domestic football, while also developing one of the most active social responsibility projects in sport.
“We thank Bruce for his service and his commitment to the club.”
Boehly could be set to make his first splash as Chelsea owner with the signing of Raheem Sterling.
The England international is entering into the last year of his contract with Manchester City and it is being reported that Chelsea are keen on signing him.
That move may only happen once Romelu Lukaku’s loan to Inter Milan has been finalised.
Chelsea paid Inter £97.5m to sign Lukaku last summer, but the striker now looks poised to head back to San Siro.
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