Avram Grant has been left out in the cold after his close friend Alexandre Gaydamak appointed Tony Adams as Portsmouth's new manager on Tuesday.

The Pompey owner was aware that the former Arsenal captain was a more popular appointment than the Israeli with the Fratton Park faithful and took a gamble on Adams as he desperately attempts to cut costs. The financial situation of the Gaydamak family has become critical.

The owner's father, Arkady, is liquidating his Israeli companies and has spent weeks in Moscow selling off assets he jointly holds with his son, including investment companies, even though this has resulted in him being absent from his campaign to become Mayor of Jerusalem.

So for Gaydamak junior this week's events have been an opportunity to reduce the estimated £25 million the Premier League club are expected to lose this season. Portsmouth reportedly received £5 million in compensation for Harry Redknapp and are expected to sell players in January.

Promoting the inexperienced Adams not only made financial sense but pandered to the fans who were chanting his name in last Saturday's home draw with Fulham. Grant has now been overlooked by six Premier League clubs, despite stating his intentions to manage again in England. However, the Israeli may yet find himself at Portsmouth if Adams fails and Gaydamak cannot find a buyer.

l Jeff Mostyn has resigned as chairman of Bournemouth after two years. He helped bring the club out of administration three months ago.