8 Dec 2008

Portsmouth owner Gaydamak decides to sell

6:39 am on 8 December 2008

Portsmouth's owner Alexandre Gaydamak is reported to have decided to sell the English Premier League football club and has already rejected two offers

The Sunday Mirror says the French-born tycoon has told the paper he can no longer invest the time required to oversee the running of the club.

Gaydamak says a new owner would need to commit to building a new stadium and training ground.

Portsmouth have been seeking a move away from Fratton Park for some time.

Gaydamak says while it sensible to re-evaluate things in the current market it is imperative the stadium and training ground go ahead.

He says he won't sell until he finds a buyer who will give cast iron assurances that will be the case.

Portsmouth won the FA Cup last season under coach Harry Redknapp, who has since left and been succeeded by Tony Adams.

That gave them European qualification for the first time, but they were eliminated from the UEFA Cup on Friday.