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 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.