Gaydamak puts Portsmouth up for sale

Portsmouth owner Alexandre Gaydamak is ready to sell the club for an initial £20million, according to News of the World.

Pompey owe a staggering £60million and could make a loss of £25million for this season alone, something that could put the club in a financial crisis.

90 per cent of Portsmouth’s income is being spent on their massive wage bill.

A Portsmouth insider told News of the World: “To keep the club at this level will cost a fortune and even Alexandre can’t afford to foot the bill for that.

“Gaydamak has two stark choices. Sell up and get out or have a fire sale of players in January to raise millions in transfer fees and save millions in wages.”

Sol Campbell, Jermain Defoe, Peter Crouch, Lassana Diarra and Sylvain Distin are some of the players that could be forced to leave the club, should Gaydamak fail to sell Pompey.

[Source: News of the World]