Alexandre Gaydamak confirmed new Pompey co-owner

Portsmouth have confirmed that Alexandre Gaydamak is the club's new co-owner.

Pompey chairman Milan Mandaric has agreed to the sale of half the club and is reported to have accepted around £15 million.

Gaydamak, son of Israeli-based billionaire Arcadi, is to be unveiled to the media at a midday press conference on Friday when he will outline his own plans for the club.

Should all go well with Gaydamak - the 29-year-old is also believed to have the option of buying the remainder of the club in 12 months' time.