Former Chelsea chairman Ken Bates has died at the age of 94, the Premier League club announced on Saturday.

In a statement, Chelsea said Bates “passed away peacefully in Monaco this morning surrounded by his wife and family.”

The club also paid tribute to the former chairman, describing him as a pivotal figure in its history.

“Ken’s determination to fight for Chelsea when times were tough, and drive the team on to winning trophies will never be forgotten,” the club said.

“Rest in peace, Ken.”

Bates famously bought Chelsea for just £1 in 1982, taking over a club burdened with debts of about £1.5 million and playing in England’s Second Division.

During his two decades at Stamford Bridge, he oversaw Chelsea’s return to the top flight and helped lay the foundations for the club’s emergence as one of English football’s dominant forces.

In 2003, he sold Chelsea to Russian billionaire Roman Abramovich in a deal worth £140 million, a takeover that ushered in an unprecedented era of success for the club.

Bates remained involved with Chelsea for a period following the sale before eventually stepping down as chairman.

In 2005, he became the principal owner of Leeds United after acquiring a 50 per cent stake in the club.

He oversaw Leeds’ operations for seven years before the club was sold to GFH Capital in 2012.