Gaydmak's son buys stake in Premier League club

January 3, 2006 00:48
1 minute read.


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Portsmouth chairman Milan Mandaric will partner millionaire Russian businessman Alexandre Gaydamak in a move that could turn the club into one of the wealthiest in the Premier League. Portsmouth reached "agreement in principle" with Gaydamak over future shareholding and development, the club said on its Web site on Monday. The Russian, reported to have paid 15 million pounds (US$25.8 million; €21.9 million) for his share, will be an equal partner with Mandaric. Gaydamak, who was also a French national, was the 30-year-old son of billionaire Arkady Gaydamak, who owns Israeli side Beitar Jerusalem but has lived permanently in Moscow since 2002.

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