Portsmouth have hit back at ''inaccurate speculation'' that new owner Alexandre Gaydamak is thinking about selling the Premiership club.

The speculation followed the resignation this week of Gaydamak's vice-chairman and director David Chissick - and long-term business associate - who was appointed only in September when the Franco-Russian property magnate bought out the remainder of former chairman Milan Mandaric's controlling interest.

Pompey have denied suggestions of a rift between Gaydamak, 30, and Chissick, who is said to want to concentrate now on other business projects.

The club issued a statement, saying: ''Portsmouth FC would like reassure fans that owner Alexandre Gaydamak remains totally committed to the future growth and enhancement of the club.

''It is not the club's usual policy to comment publicly on media speculation but we would like to assure fans that having invested substantially to take Pompey from relegation strugglers to the verge of a place in Europe Mr Gaydamak has no intention of selling the club and is continuing his plans to expand the business.

''He wants to add to the quality of the playing staff not only in this January transfer window but also in the summer. In addition the club has recently acquired a 55-acre training ground site (at nearby Fareham) and purchased more land around Fratton Park.

''Portsmouth FC's structure at boardroom level has also been enhanced with four full-time directors for the first time reporting to Mr Gaydamak, who while other owners desire the media spotlight, prefers to let his actions, on and off the field, do the talking for him".

Gaydamak invested around £18million in a half-stake of the club last January and financed a string of new signings which helped save Pompey from relegation.

This summer he gave manager Harry Redknapp, 59, a a new three-year contract and the team have established themselves in the top six of the Premiership.

But with no visible sign of advancement in the club's long-held plans for a redeveloped Fratton Park and now Chissick's decision to quit, some fans have actually placed bets on Mandaric - who has experienced setbacks in a bid to buy into Leicester - returning to the helm at Pompey.