Portsmouth owner Alexandre Gaydamak has decided to sell the English Premier League club and has already rejected two offers, the Sunday Mirror reported.

"I have come to realise over a period of time that I can no longer invest the time required to oversee the running of the club," the newspaper quoted the French-born tycoon as saying.

"I think it's only right to consider the sale of the club to a group or individual who can come in and invest the time and money to ensure the club reaches its true potential."

Gaydamak said a new owner would need to commit to building a new stadium and training ground. Portsmouth have been seeking a move away from Fratton Park, their home since 1898, for some time and Gaydamak added: "As regards the stadium and new training ground it is sensible to re-evaluate things in the current market, but I stress that it is imperative that they go ahead.

"Until I find a buyer who will give me cast iron assurances that this will be the case, I will remain at the club.

"Making money from the sale does not interest me -- finding the right buyer is far more important." Portsmouth won the FA Cup last season under coach Harry Redknapp [ Images ] who has since left and been succeeded by Tony Adams.

That success took gave them European qualification for the first time, but they were eliminated from the UEFA [ Images ] Cup on Thursday.