Sacha Gaydamak is asking just a quid to sell Portsmouth.

The News of the World says Gaydamak has instructed his solicitors to tout the FA Cup holders to venture capitalists in the City after failing to find a buyer through the usual channels.

The Franco-Russian businessman has slashed his original £20million asking price as any new owner will have to take on £95m debts.

A dozen London-based venture capitalists have been contacted by telephone to ask if they are interested.

A City source said: "Sacha is getting desperate.

"He was hoping after Portsmouth won the FA Cup and qualified for Europe he would find some rich foreign businessman to buy his shares but that has not happened.

"The trouble is Pompey have a wage bill of £60m a year and a ground that only holds 20,500. Those figures do not add up.

"Potential buyers have been told they can have the club for £1 if they take on a debt facility of £95m.

"The assets have been valued at £50m and that includes the players and Fratton Park."