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Thursday, 28.03.2024, 14:34
High Court: Oyston`s family treats Blackpool FC as family's 'personal cash machine'
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.