Portsmouth chairman Milan Mandaric has confirmed new co-owner Alexandre Gaydamak will become a director of the club next week after investing £20million in Pompey.
Mandaric also insisted Gaydamak would pay a £250,000 VAT bill he is alleged to owe Customs and Excise and that, as far as he was aware, the 29-year-old Russian had not used any of his father's vast wealth to fund his Pompey investment.
French police have an international arrest warrant out for Gaydamak's father Arcadi over his alleged involvement in an arms for oil deal with Angola and is unlikely to join his son on the south coast.
Mandaric unveiled Alexandre as co-owner last week and, speaking on BBC Radio, the Pompey chairman revealed for the first time the full extent of his cash input.
Asked if the figure he had invested in the club was near the £20million mark, Mandaric replied: "That is correct."
Mandaric confirmed: "Next week he will become a member of the board. He likes challenges and we have a few challenges ahead of us. Number one is staying up and we are building a new stadium.
"I don't like to talk about money. This deal is not for Alexandre, it is not for Milan, it is for Portsmouth, this deal is for Portsmouth FC and its supporters."
When quizzed directly whether Gaydamak had utilised any of his father's huge fortune to help him buy into the club, Mandaric replied: "I don't think so. He is a wealthy guy on his own and has a fair share of his own money. That is my information but nobody can be 100% sure about anything in life."
Mandaric hopes Gaydamak's millions will help take Portsmouth on to a new level and while there are no immediate plans to sell his 50% holding, the Pompey chairman hinted he might walk away in the future and even buy another club.
He said: "I would not do it at this time because I still want to see the stadium and stabilise the club in the Premiership and maybe that would be my time to go unless I buy another club. You never know, anything is possible."
