Gay­damak con­fu­sion goes on

The Jewish Chronicle - - Sport - BY SI­MON GRIVER

grad­ual demise of the Gay­damak fam­ily em­pire, to­gether Portsmouth’s an­nounce­ment that their owner would lis­ten to the “right of­fer” to sell fol­low­ing re­ports about the club’s mount­ing losses, may be seen to add weight to claims that the club is, in fact, owned by Arkady Gay­damak and not his son, Alexan­dre

Last month Arkady Gay­damak an­nounced that he was liq­ui­dat­ing his Is­raeli as­sets ex­cept for the foot­ball club Be­tar Jerusalem. He has since sold prop­erty com­pany Ocif In­vest­ments af­ter it was placed into re­ceiver­ship and is ne­go­ti­at­ing to sell his other three com­pa­nies which are traded on the Tel Aviv Stock Ex­change. How­ever, Gay­damak se­nior, who is be­lieved to have global as­sets worth $3 bil­lion, in­sists that he has no liq­uid­ity prob­lems but is just fed up with do­ing busi­ness in Is­rael.

Fol­low­ing re­ports in Is­rael in Septem­ber that Arkady was the owner of Portsmouth, the Premier League asked Alexan­dre to reaf­firm his own­er­ship of the club, which he did. Alexan­dre Gay­damak, 32, ac­quired the club in 2006 for £32mil­lion and has overseen the FA Cup hold­ers most suc­cess­ful spell in 60 years.

But cyn­ics may point to the fact that that within days of the Is­rael branch of Gay­damak’s busi­ness em­pire col­laps­ing, ma­jor de­tails of Portsmouth’s fi­nan­cial woes were re­vealed and the club has con­firmed it is for sale. It is re­port­edly £60 mil­lion in debt, and with play­ers wages amount­ing to 90 per cent of in­come, Portsmouth ex­pects to lose £25 mil­lion this sea­son.

Yet all th­ese de­tails were known in the sum­mer when man­ager Harry Red­knapp was en­larg­ing his squad. The only thing that has changed since then is the credit crunch and Arkady Gay­damak’s liq­uid­ity sit­u­a­tion.

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