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Russian will invest in Portsmouth
PORTSMOUTH, England -- English Premier League club Portsmouth are to bring in millionaire Russian businessman Alexandre Gaydamak as joint owner in a move which could turn the club into one of the wealthiest in the country. The 30-year-old links up with club chairman Milan Mandaric as an equal partner after reportedly agreeing to pay 15 million pounds ($25.8m) for his share in the south coast club. Gaydamak is the son of a Russian billionaire whose personal fortune is said to approach that of Chelsea's Russian owner Roman Abramovich. Reports that he is prepared to spend 100 million pounds on the team have been dismissed by a club source as an exaggeration. It is also reported that Gaydamak will be a 'background benefactor' in the same way as Abramovich and will not adopt a hands-on role at a club currently fighting relegation and managed by Harry Redknapp. Gaydamak senior, Arkady, grabbed the attention of Israeli soccer fans last August when he snapped up Betar Jerusalem in a shock move, promising to make the team one of the top clubs in Europe. He told Haaretz national newspaper on Tuesday he was not connected with his son taking a stake in Portsmouth and that he had only heard about it in a radio report on Monday. "I do my business and he does his. We work separately," Arkady was quoted as saying. Portsmouth issued a statement saying that it had "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." They added: "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." Redknapp, who saw his side go down 2-1 at Blackburn on Monday to stay in the Premier League relegation zone, that he knew little about the deal. "I've not discussed it with Milan yet. I don't know where it's at yet," he said. "But if someone's going to come in and we are going to be able to improve the playing squad, which we need to do, it's got to be good for the football club." Portsmouth said: "Milan Mandaric has previously expressed his willingness to have a 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."  Gaydamak senior owns the Israeli side Beitar Jerusalem Gaydamak senior is involved in various industrial and banking concerns in Russia. In 2000 Paris magistrates issued an arrest warrant for him for questioning over an alleged arms-for-oil deal with Angola in the early 1990s. Gaydamak insisted his involvement was entirely legitimate as part of an agreement between the governments of Russia and Angola. The arrival of Gaydamak junior could prove timely for Portsmouth, giving Redknapp extra spending power during this month's transfer window. Since his controversial return from a year at Pompey's arch-rivals Southampton, Redknapp has seen his side gain seven points from five games to revive hopes that they may yet stay up in the Premiership. Redknapp is certainly keen to strengthen the squad he inherited from Frenchman Alain Perrin, which he believes to be worse than the one he left Portsmouth with in November 2004. 
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