Gaydamak originaly had an asking price set at £20million.
Pompey are struggling with a £60m-a-year wage bill, that is 95 per cent of their turnover.
A City source told News of the World: “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.”
Gaydamak spent £32million to buy out Milan Mandaric in January 2006.
