England's Portsmouth Football Club today confirmed it has reached an agreement in principle with businessman Alexandre Gaydamak for becoming a shareholder in the club. The football club did not disclose the deal's value but news reports stated that a 50% share was sold for £15 million.
Portsmouth Football Club chairman Milan Mandaric, a Serbian-American businessman, stated that he will be delighted to welcome 30 year-old Gaydamak to the club as an equal partner.
Alexandre Gaydamak is the son of Russian-Israeli-French businessman Arcadi Gaydamak, owner of the Beitar Jerusalem soccer team, and Hapoel Jerusalem basketball team. Arcadi Gaydamak is also chairman of a new Israeli political party provisionally named Beitar, and president of the Congress of Jewish Religious Communities and Organizations of Russia.
Alexandre Gaydamak was described by Portsmouth Football Club as 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."
Portsmouth Football Club currently rank 18 in the Football Association Premier League.
Portsmouth Football Club stated that under the new ownership arrangement, the club's current business and football structure as well as operations will remain unchanged. Alexandre Gaydamak and Mandaric will work closely together to further develop all aspects of the football club, stadium and the Pompey Village luxury residential project, as well as a modern training facility.
Portsmouth Football Club stated that contrary to press reports, Harry Redknapp's position as manager was not under threat.
Published by Globes [online], Israel business news - www.globes.co.il - on Monday, January 02, 2006