Gaydamak puts Pompey up for sale

Soccer: Portsmouth owner Alexandre Gaydamak insists there will be no player clear-out as a result of his decision to put the club up for sale.

Gaydamak maintains he cannot "invest the time required to oversee the running of the club" as his main reason for putting Pompey on the market.

His decision comes in the wake of former boss Harry Redknapp's departure to Tottenham and the appointment of Tony Adams as his successor.

But the Pompey owner may find potential buyers in short supply in the current economical climate.

Mike Ashley has yet to find new owners for Newcastle even though the club has been on the market for months.

Gaydamak also insists two of Pompey's most ambitious projects, a new 36,000-seater stadium at Horsea Island and a training ground complex in Lee-on-the-Solent, would have to be committed to for any sale agreement to got through.

He is adamant, though, Adams would not be forced to sell his star players while the search for a buyer was taking place.

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

"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.

"I think it's only right to consider the sale of the club to a group or individual who can come in and invest the time and money to ensure the club reaches its true potential.

"First and foremost it is far more important for me to find the right buyer, with the club's best interests at heart, rather than sell out at the first opportunity.

"I have already rejected two very good offers for the club because I didn't feel the buyers' motives were in the best interest of the club's long-term future.

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

"The credit crunch is having an adverse effect on everyone but we are addressing the key issues affecting every single club and readjusting accordingly.

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

"As regards the stadium and new 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."

Gaydamak brought a stake in the club in January 2006 and became the sole owner later that year.

Last season, under Redknapp, the side won the FA Cup to ensure European football at Fratton Park this season.

A South African consortium were previously understood to be one of the interested parties looking to buy the club, however, Pompey denied talks were ongoing.

Although the consortium did express an interest, no offer was received by the club and there has been no further contact.