Alexandre Gaydamak ready to sell Portsmouth

Portsmouth owner Alexandre Gaydamak has put the club up for sale.

The 32-year-old Franco-Russian businessman cited growing business commitments for his decision.

He told the Sunday Mirror: "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."

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.

Gaydamak became co-owner of Portsmouth, alongside then-chairman Milan Mandaric, in January 2006.

He bought out Mandaric at a cost of about £32m to solely take the helm at Fratton Park in July that same year, and set out his strategy to find a new stadium and training facilities for the club.

Gaydamak insists he will now seek assurances that any potential buyer will ensure those ambitions become reality.

He said: "As regards the new stadium and 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.

"I have already rejected two offers for the club because I didn't feel the buyers' motives were in the best interests 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."