LONDON (AP) — Ken Bates, the former Chelsea owner and chairman who bought the club for just a pound in 1982, has died. He was 94.

Chelsea confirmed the death in a statement Saturday, saying Bates “passed away peacefully in Monaco this morning surrounded by his wife and family.”

“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.”

Bates bought Chelsea when it was laden with debt and struggling in the English second division — hence the price of just one pound — but injected money into the club and oversaw a return to the top flight in 1984.

He went on to become the club’s third-longest serving chairman, holding the position for 22 years. He also became one of the English game’s most well-known characters because of a personality that Chelsea described as “colourful, outspoken and controversial.”

He sold Chelsea to Russian billionaire Roman Abramovich in 2003 for 140 million pounds (then $233 million). He took over Leeds as owner and chairman in 2005, selling the club in 2012.

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