Gaydamak Puts Portsmouth Up For Sale

Pompey owner Alexandre Gaydamak has formally put the club up for sale, following mo

Alexandre Gaydamak seized control of Pompey in the summer of 2006 when he bought out then chairman Milan Mandaric, and by that point the multi-millionaire had already invested over £20 million as Harry Redknapp brought in players such as Glen Johnson.

Since then, the club have enjoyed one of their most successful periods in recent history, triumphing in the FA Cup last term as well as a Uefa Cup spot, and as late as February Gaydamak stated that he was "totally committed to the future of Portsmouth."

However, the global economic downturn is reported to have hit the 32-year old's fortune hard, and plans to build a new stadium for the club have been shelved for the forseeable future.

The France-born businessman now appears to have made further indication of his intention to leave Fratton Park, telling the Sunday Mirror of his desire to hand over control when a suitable buyer can be found.

He told the English newspaper, "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,"

Gaydamak, whose father Arcadi owns a majority stake in Israeli side Beitar Jerusalem, is reported to want £60 million for the club as well as assurances from any prospective bidder that they will construct the new stadium and training ground promised for several years.