Gaydamak became sole owner of Portsmouth in July 2006
Portsmouth have rejected a takeover bid from a Swiss finance group.
BBC Radio Solent understands an offer from VS Investments, fronted by former Tottenham player Ramon Vega, was deemed "unacceptable" by the club's board.
It is believed that the bid was low because it factored in Pompey's debt of about £40m and it is unclear whether a fresh offer will be made.
Portsmouth's owner Alexandre Gaydamak officially put the Fratton Park outfit up for sale in December.
Pompey won the FA Cup last season under manager Harry Redknapp, but he joined Tottenham last October.
His successor, Tony Adams, struggled to get results and was sacked after just 16 Premier League matches in charge.
Portsmouth are currently 16th in the Premier League, five points above the relegation zone.
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