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In 2008, the Investment Agreement between LLC VB Football Assets (owned by Valeri Belokon) and Segesta Limited was signed. According the Agreement, V.Belokon invested GBP 4.75 mln in the construction of two new stands in Blackpool football club stadium and of additional premises. Under the Agreement, the income is split on a 50/50 basis between the two companies. VB Football Assets has applied to the court to seek for the following: an account of sums due to the Claimant under the Investment Agreement, payment by Segesta Limited of all sums found due from it to VB Football Assets, interest, further or other relief and costs.

When Valeri Belokon joined Blackpool Football Club, he invested more than GBP 10 mln in a number of areas which were pivotal to the development of the BFC team. The purchase of Blackpool FC shares brought the Club real money to be invested in football. The Investment Agreement with Segesta Limited, which now constitutes the subject-matter of the court proceedings, guaranteed the necessary stadium-infrastructure improvements and construction of new stands for the convenience of the supporters. Without any support from Oyston family, Mr Belokon also established a special-purpose Fund for hiring a highly qualified coach and buying the players.

In parallel with the court action regarding the Investment Agreement, Mr Belokon’s company VB Football Assets (a shareholder in Blackpool Football Club) has filed a claim for unfair prejudice in the London High Court against Messrs Owen Oyston and Karl Oyston and their company Segesta Limited. The claim will be heard by the Court in 2017.

Since the Club’s promotion to the Premier League, millions of pounds of BFC monies have been transferred by the Oystons from the BFC to Oystons’ companies through granting unsecured interest-free loans and by paying GBP 11 mln, as the Director’s remuneration, to Owen Oyston.