Former Chelsea and Leeds United owner Ken Bates has died aged 94, Chelsea announced on Saturday.

Chelsea announced the death of Bates on Saturday, saying he "passed away peacefully in Monaco this morning surrounded by his wife and family". Bates bought Chelsea for £1 in 1982 when they were in the old Second Division, taking on debts of £1.5m, and set about turning around their fortunes. He eventually sold the club to Roman Abramovich in 2003 in a deal worth £140m when they were in the English top flight. The club were heavily in debt when Bates sold his shares. He stayed on as chairman at Stamford Bridge before stepping down in 2004. Chelsea said in a statement: "It is with great sadness that we share the news of the loss of Ken Bates, former owner and chairman of Chelsea Football Club. "The club sends our heartfelt condolences to Ken's wife Suzannah, the rest of his family and his friends. "Ken's determination to fight for Chelsea when times were tough, and drive the team on to winning trophies will never be forgotten." John Neal, John Hollins, Bobby Campbell, Ian Porterfield and David Webb served as managers under Bates before he appointed Glenn Hoddle, Ruud Gullit, Gianluca Vialli and Claudio Ranieri.