Russian businessman's Pompey takeover agreed

Businessman Alexandre Gaydamak is set to become joint owner of Portsmouth after striking a deal with chairman Milan Mandaric.

The 30-year-old French national, who is son of a Russian billionaire, is due to be an "equal partner" at Fratton Park and is reportedly set to provide fresh investment into the club.

A statement declared: "Portsmouth Football Club today confirmed it has reached an agreement in principle with Mr Alexandre Gaydamak over the future shareholding and development of the club.

"Chairman Milan Mandaric will be delighted to welcome 30-year-old Alexandre Gaydamak to the club as an equal partner."

Gaydamak's father, Arcadi, is the owner of Israeli side Beitar Jerusalem but has lived permanently in Moscow since 2002.

A spokesman for Gaydamak senior declared he was "crazy about football", and the passion apparently extends to his son.

Portsmouth stressed the arrival of Gaydamak would have no effect on manager Harry Redknapp's position.

According to the reports, up to £100m could be made available for new players, affording Pompey a financial clout second only in the Premiership to Chelsea, who are owned by oil billionaire Roman Abramovich.

Here is the Official Club Statement!

Source: www.pompeyfc.co.uk

Pompey Boosted By Partnership Agreement with Alexandre Gaydamak

Portsmouth Football Club today confirmed it has reached an agreement in principle with Mr Alexandre Gaydamak over the future shareholding and development of the club.

Chairman Milan Mandaric will be delighted to welcome 30 year-old Alexandre Gaydamak to the club as an equal partner. Mr Alexandre Gaydamak is a businessman and French National who has spent much of his time over the last 10 years in the UK and maintains business interests in Europe.

Under the new ownership arrangement, the club's current business and football structure as well as operations will remain unchanged. The pair will work closely together to further develop all aspects of Portsmouth Football Club, Pompey Stadium and the Pompey Village as well as a modern training facility.

Milan Mandaric has previously expressed his willingness to have a partner on board to enable him to dedicate more time to his family although Portsmouth Football Club will continue to be his prime concern.

Contrary to press reports this morning, there is no question of Harry Redknapp's position as manager of the club being under threat. He will have the full backing of Mr Alexandre Gaydamak and will continue to enjoy the full support of Milan Mandaric.

The club will make further comment on this matter in the next few days.