Portsmouth could fall under Greek ownership

Stavros Papageorgiou, a Greek businessman, is reported to be in advanced talks regarding the purchase of English Portsmouth Football club.

The Greek press claims Papageorgiou is in charge of a group of investors currently negotiating a buyout with Portsmouth owner Alexandre Gaydamak.

Papageorgiou is the major shareholder of Sanyo Hellas Holding S.A., and the founder of the company based in Athens. The holding company consists of twenty-seven subdivisions and affiliates covering a vast range of industries. These industries include telecommunications, supermarkets, insurances, consumer electronics, hospitality, health care, and a number of others.

The Greek businessman has both personal and professional contact with Arcadi Aleksandrovich Gaydamak, the father of club owner Alexandre. It is believed that Papageorgiou was approached by Arcadi at the end of last year when a group from South Africa withdrew from negotiations to purchase Portsmouth.