Pompey up for sale

FA Cup winners Portsmouth are for sale, their Franco-Russian owner told the Sunday Mirror.

Alexandre Gaydamak said that his increasingly busy work schedule forbade him from paying enough attention to the Premiership club.

“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,” the 32-year-old told the newspaper.

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 hinted 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.

Gaydamak, who became co-owner of Portsmouth in January 2006 and invested 20million pounds into the club, 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.”

Gaydamak denied that the club was in a dire financial state, though, they were knocked out of the UEFA Cup last week.

“We are not in financial meltdown and it is nonsense to suggest we have to start selling players,” said Gaydamak.

“The credit crunch is having an adverse affect on everyone but we are addressing the key issues.

“I have a very fit and able board that have worked tirelessly to evaluate the current financial problems impacting in everyone and deal with them accordingly.”