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International Internet Magazine. Baltic States news & analytics Monday, 24.09.2018, 15:11

High Court: Oyston`s family treats Blackpool FC as family's 'personal cash machine'

BC, Riga, 12.06.2017.Print version
The Oyston family, owners of Blackpool FC, have been been accused at the High Court of treating the club as 'the family's personal cash machine', cites UK`s news sites.

Lawyers for Latvian millionaire Valeri Belokon, the club’s president, were launching what could prove to be one of British football’s most expensive legal actions.

Andrew Green QC alleged on Monday at the start of a five-week hearing that Owen and Karl Oyston, owner and chairman of the Lancashire club, had 'improperly' extracted millions of pounds from its funds following promotion to the Premier League in 2010 and used the money for their own benefit. Mr Belokon's company VB Football Assets, a minor shareholder in the club, was excluded from key decisions, information and any share of profits, said Mr Green. VB Football is pursing a claim against the Oystons for 'unfair prejudice' against shareholders.

The Oystons are vigorously denying the claims in what has developed into a bitter legal battle.

Mr Green told Mr Justice Marcus Smith, sitting in London, that as a result of the Seasiders reaching the Premier League, the club received some £106 mln.

The unprecedented influx of cash over five years from the Premier included £48 mln in respect of the 2010/11 season, followed by some £58 mln in “parachute payments” following Blackpool’s relegation at the end of the season.

"There was, in fact, the adoption of a deliberate strategy by the Oyston family to take cash out of Blackpool Football Club, and do so in a way VB Football Assets and its nominated directors could do nothing to stop that was the antithesis of transparency." Mr Belokon won a court case in Manchester in February this year in a dispute with the Oystons over his share of profits after he provided £4.7 mln in July 2008 to develop the south stand and south-west corner of the club's stadium. 

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