Portsmouth Owner Puts Club Up For Sale

Portsmouth is the latest Premier League club to be put up for sale after Russian owner Alexandre Gaydamak announced that he wanted to find a buyer for his stake in the club.

The 32-year-old businessman, who became co-owner of Portsmouth alongside then-chairman Milan Mandaric, in January 2006. cited growing business commitments for his decision.

He stated: ‘I have come to realise over a period of time that I can no longer invest the time required to oversee the running of the club.’

However, Gaydamak said he will not sell to anyone without a guarantee they will commit to funding a new stadium and training ground for the club.

Recent reports have suggested that a South African consortium has been in discussions over an acquisition of the club, but Portsmouth have issued a categorical denial.

Portsmouth insist that while the consortium expressed an interest a number of weeks ago, no offer has been received and there has been no further contact.

However, Gaydamak revealed that he has rejected two offers for the club.

‘I didn’t feel the buyers’ motives were in the best interests of the club’s long-term future,’ he said.

‘Making money from the sale of the club does not interest me. Finding the right buyer is far more important.

‘As regards the new stadium and training ground it is sensible to re-evaluate things in the current market, but I stress that it is imperative that they go ahead.

‘And until I find a buyer who will give me cast iron assurances that this will be the case, I will remain at the club.’