The possibility of Harry Redknapp moving to Newcastle United may have prompted the decision of Alexandre Gaydamak, the owner of Portsmouth, to look for buyers, as reported in The Times yesterday. The club were almost relegated in the 2005-06 season after Redknapp left in the wake of a falling-out with Milan Mandaric and Gaydamak’s investment of upwards of £30 million would be in serious jeopardy in the event of Portsmouth, who have few assets beyond their players, dropping out of the Premier League.
Portsmouth claimed yesterday that Gaydamak and his board “remain totally committed to the future of the club” and are “excited by the club’s plans for a new 36,000 state-of-the-art stadium at Horsea Island”. However, plans have yet to be submitted to the local authority and The Times understands that obtaining planning consent would be fraught with difficulties over road access.
Statements by the club refer to the investment in the club by Gaydamak, but it recently came to light that last summer’s signings were made possible by a £24 million loan facility taken out by Portsmouth with Standard Bank and secured on bank deposits and future income from the Premier League. Redknapp had signalled for months that he did not expect a large January transfer kitty and the acquisition of Lassana Diarra had to be funded in part by the sale of other players. As Redknapp has said, Portsmouth attract only 20,000 fans per match to a ground with none of the lavish corporate facilities of other stadiums.
But although Gaydamak has not made much new money available to Redknapp, his company, Belvia, found $5.62 million (about £2.8million) in December with which to buy a controlling share of Global Brands, a company that runs Domino’s Pizza franchises. He installed Roberto Avondo, a Portsmouth director, as executive vice-chairman.
Sol Campbell, the club captain, was reprimanded last month for questioning Gaydamak’s commitment and revealed that the owner was seldom seen. Campbell said. “We need to see where he wants to go. Maybe a new chairman’s coming in, I don’t know.” That new chairman could be from North America, where Gaydamak is understood to have made inquiries.