Oystons lose court battle

[bobjimwilly]

Oystons ordered to pay Valeri Belokon £31m after losing court battle

https://www.theguardian.com/football/2017/nov/06/oystons-blackpool-ordered-pay-shareholder-high-court-valeri-belokon

Not sure what will happen in the grand scheme of things with the way they run the football club though? 
Maybe bpoolrover can shed some light?

[The Red Baron]

A lot of Blackpool fans seem to be hoping that this will force the Oystons to put the club up for sale. Not sure quite how that works but it is a lot of money to find.

[since-1969]

He has to file for bankruptcy if he can’t pay but it’s not said if it’s the football club that liable or the Oystons ?

[silent majority]

Its the Oystons who are liable. Hopefully they will need to sell the club to raise the cash.

[since-1969]

Not worth a stick of rock !

[The Red Baron]

Its the Oystons who are liable. Hopefully they will need to sell the club to raise the cash.

Presumably there are potential buyers waiting in the wings?

[graingrover]

Or if they are true to type they may carry out a final asset strip and sell the ground for real estate development ..

[Glyn_Wigley]

A lot of Blackpool fans seem to be hoping that this will force the Oystons to put the club up for sale. Not sure quite how that works but it is a lot of money to find.

What muddies the waters is that part of the money to be paid is for the shares that Belokon owns.  If the Oystons go bankrupt, where does that leave the ownership of all the shares in the football club? Do they all go to Belokon as the creditor (even though he has been banned from being a director of a football club himself), or does the club go into administration to be sold to pay Belokon from the proceeds of the sale?

EDIT - and if, as I suspect, the administrators are called in presumably this will result in a points deduction..?

[the vicar]

if i was the minor shareholder i would say to them to give him 20 million and the club and that will do

[Alan Southstand]

How many millions do the Oystons have?

[GazLaz]

You worluld imagine it will go to an appeal now.

[bobjimwilly]

You worluld imagine it will go to an appeal now.

according to BBC,

"The Oystons were refused permission to appeal but it is open to them to apply directly to the Court of Appeal in an attempt to take their case further."

Also the judge ruled that an initial £10m should be paid within 28 days.

http://www.bbc.co.uk/news/uk-england-lancashire-41890855

Interestingly the BBC article says "Blackpool will have to purchase the interests of VB Football Assets for £31.27m.", which means the Oystons could just bankrupt the club.

[Alan Southstand]

........and take a minus 10 point hit, before it gets too near the end of the season?

[anne honemous]

I think this is a game changer for Blackpool fans.

£31 million quid is enough money as it is, but it'll feel like even more for the Oystons as they didn't even want to shell out on big wages when Blackpool were rolling in the money in their one season in the Premier League all those years ago.

The phrase 'checkmate' comes to mind for their ownership now.

[GazLaz]

I’ve not looked at the breakdown of Blackpool’s business but there must be more income streams than just the Football side or I’m sure Oyston wouldn’t bother hanging round. There must be something keeping him around, maybe the value of the land, I don’t know. 

[Filo]

Oysten owns a lot of land around Blackpool apparentley

[bobjimwilly]

Pressure grows for EFL to act fast over Blackpool FC's disgraced owners and to lift ban on Belokon:

http://www.blackpoolgazette.co.uk/news/crime/pressure-grows-for-efl-to-act-fast-over-blackpool-fc-s-disgraced-owners-and-to-lift-ban-on-belokon-1-8845910

[The Red Baron]

It would appear that the Oystons are putting the football club and the holding company up for sale. They are also appealing some aspects of the court judgment.

[The Red Baron]

https://www.blackpoolfc.co.uk/news/2017/november/club-statement/

[since-1969]

 Looks the club has hit ‘Rock Bottom’

[GazLaz]

They have got what they deserve in the end then. Wonder how much they want, will be a lot I’m sure.

[BigH]

A lot of Blackpool fans seem to be hoping that this will force the Oystons to put the club up for sale. Not sure quite how that works but it is a lot of money to find.

What muddies the waters is that part of the money to be paid is for the shares that Belokon owns.  If the Oystons go bankrupt, where does that leave the ownership of all the shares in the football club? Do they all go to Belokon as the creditor (even though he has been banned from being a director of a football club himself), or does the club go into administration to be sold to pay Belokon from the proceeds of the sale?

EDIT - and if, as I suspect, the administrators are called in presumably this will result in a points deduction..?

I fear you're right. All is not as it seems here and a straightforward 'well they'll have to sell the club' is going to be very difficult to realise. There'll be the appeal and, if this goes against them there'll be the settlement. That'll be messy because I suspect that most of the Oyston's dosh has long since vanished from these shores. On the attendances they're getting I can see a lot of players being released to cover costs in January. The Court verdict is essentially a verdict against the Oystons and their ability to keep funding the club. It's a verdict in favour of Belokon that does nothing for the fans. One shyster beating another.

[since-1969]

This has exposed the vile under belly that is corrupt bad financial practices  in sport . The worst thing was turn a blind eye to the situation and not confirm that the club was being run correctly and open when clearly it wasn't. The FA have to consider how this happened under their watch. As for the owners getting into the Premier League was a golden opportunity to carry out an alternative business plan to the one the FA would  have excepted . The owners of Blackpool should be removed as unfit and the club put in special measure with a neutral firm of accountants placed in control . The fans and sponsors have been misled and refunds should be given to everyone who has freely given money to the club believing it was a leagal venture . Shame on all those who blackened this good name of the club .

[deebee]

More here
http://www.skysports.com/football/news/11728/11121132/blackpool-fc-and-separate-stadium-ownership-both-put-up-for-sale-by-oyston-family

[since-1969]

Unlike when they bought the club for a £1 and took on what ever debt it already had , they are now vacating the club in a dire position with supporters refusing to enter the ground whilst ever the present owners remain . It would require a huge leap of faith in anyone to buy this unless it was through a receivership and the debts greatly reduced .

[The Red Baron]

The referee was changed before today's game v Portsmouth, ostensibly because the EFL felt the game needed a more senior official (Jon Moss, who referees on the Premier League). However the original choice's name had caused much mirth on Social Media. His name? Ben Toner (or Bent Owner, if you prefer).

[GazLaz]

The referee was changed before today's game v Portsmouth, ostensibly because the EFL felt the game needed a more senior official (Jon Moss, who referees on the Premier League). However the original choice's name had caused much mirth on Social Media. His name? Ben Toner (or Bent Owner, if you prefer).

That was the funniest story of the weekend by far.

[since-1969]

Maybe one the Oystons could register as a ref.