Gaydamak drops Portsmouth asking price

In an attempt to unload Portsmouth before summer arrives, Sacha Gaydamak has reduced his asking price for English Portsmouth to GBP 35 million. Gaydamak’s decision comes on the heels of a revelation made by Executive Chairman Peter Storrie that the future of the club is on the line, as reported by The Sun.

Sources indicate Storrie is in the process of discussing a takeover with two interested parties, one of which could potentially assume Portsmouth’s GBP 40 million debt as well. Since present owner Gaydamak announced that he is unable to provide any further funding to the club, Storrie declares that a new buyer must be found by next season. The club is currently facing relegation from the Premier League, with only GBP 12.5 million remaining in its transfer budget.

Storrie referred to the situation as “a nightmare”, telling The Sun that the only bid received to date was issued by former footballer Ramon Vega. However, the offer was declined by Portsmouth because Vega was not willing to assume responsibility for the debt as part of the takeover.

Portsmouth players are starting to feel the heat of relegation, including defender Hermann Hreidarsson, who has experienced the demise of four clubs in the past. According to Hreidarsson, he and his teammates have no choice but move forward and “get stuck in the battle.”