Ken Bates, who once owned both Chelsea and Leeds United, has died at the age of 94.

Chelsea confirmed the news on Saturday, noting that Bates "passed away peacefully in Monaco this morning surrounded by his wife and family".

Bates purchased Chelsea for £1 in 1982 while the club competed in the old Second Division and carried debts of £1.5m; he then focused on restoring their standing.

He later sold the club to Roman Abramovich in 2003 for £140m after Chelsea had established itself in the top flight.

The club remained heavily indebted at the time of the sale. Bates continued as chairman at Stamford Bridge until stepping down in 2004.

Chelsea stated: "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."

Managers who served under Bates included John Neal, John Hollins, Bobby Campbell, Ian Porterfield and David Webb, before he appointed Glenn Hoddle, Ruud Gullit, Gianluca Vialli and Claudio Ranieri.

Under Gullit, Chelsea ended a 26-year trophy drought by winning the FA Cup in 1997.

The club also claimed the League Cup, European Cup Winners' Cup and another FA Cup before Bates sold to Abramovich in 2003.

The Chelsea Supporters' Trust expressed it was "deeply saddened" by Bates' death.

"Ken was one of the most significant figures in Chelsea Football Club's modern history," the Trust said.

"Taking charge during one of the club's most difficult periods, he played a defining role in securing the club's future at Stamford Bridge and helping lay the foundations for the success that followed.

"His impact on Chelsea will be remembered for generations, and his place in the club's history is assured."

After an unsuccessful attempt to invest in Sheffield Wednesday, Bates owned Leeds from January 2005 to December 2012.

Leeds reached the Championship play-off final in 2006 and entered administration the following year, resulting in relegation to the third tier for the first time.

Bates joined a consortium that repurchased the club from administrators, and Leeds returned to the Championship in 2010.

Although Bates sold the club late in 2012, he remained chairman and later served briefly as honorary president before departing Leeds in July 2013.