Soccer Premier League Gaydamak to Sell Beitar

According to the letter, Gaydamak invested over NIS 378 million during his tenure as owner, which began in 2005.

Controversial tycoon Arcadi Gaydamak yesterday submitted a formal announcement to Beitar Jerusalem that he intends to sell the club and to halt further investment in its team. Just weeks ago, Gaydamak pledged to add $2 million to club coffers to allow it to have a budget for next season.

According to the letter, Gaydamak invested over NIS 378 million during his tenure as owner, which began in 2005.

Kobi DajaniSharon Bukov

Beitar chairman Itzik Kornfein intends to meet with several businessmen who are close to the club and have expressed readiness to support the team financially, according to individuals familiar with the situation. Kornfein will endeavor to convince Gaydamak to agree to the team's transfer for $400,000 which would go directly to his creditors.

Gaydamak's announcement follows several weeks of Kornfein trying to sever links with Gaydamak, according to sources close to the club. Former Beitar goalkeeper Kornfein, who is one of the club's creditors, is now the sole strong man at Beitar. Anyone who wants to take over the club will have to go through him.

The sources say Kornfein is prepared for the departure and has lined up sponsors to supply the team with NIS 3 million.