Sacha Gaydamak has come to the rescue of Portsmouth.

The Mirror says Portsmouth have been 'saved' from going into administration by former owner Gaydamak who has repaid a £2.5million bank loan.

But the latest development in the Fratton Park meltdown has left observers asking: "Why does a club that has raised £80million in player sales over the last 18 months still owe the banks money?"

Gaydamak is still owed a staggering £28 million pounds by the Premier League strugglers - and, incredibly, that is just the tip of the iceberg.

And the Israeli also added a fresh twist to the chaos by claiming he does NOT think Saudi billionaire Ali Al Faraj is Portsmouth's real owner, saying: "I think he exists as a man, but he has no influence."

Gaydamak has insisted he wants the rest of his money back.

He added: "I join in the frustration of supporters.

"I would like to know who the ultimate beneficiary of the club is, what their plans are and whether I am to get paid.

"I was the guarantor of the loan to Barclays. When the club didn't pay, the bank came to me and I paid it to avoid it going into administration. If the club goes into administration I lose everything.

"I am owed £9million by the club which is due in January 2010 and another £19 million in May 2012."