The president of Blackpool FC has told the High Court that he felt "betrayed" by Owen and Karl Oyston - the owner and chairman of the club.Read the full story ›
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".
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 claim is also against Blackpool FC Ltd itself and Blackpool FC (Properties) Ltd, a company with family links formerly known as Segesta.
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 million.
The unprecedented influx of cash over five years from the Premier included £48 million in respect of the 2010/11 season, followed by some £58 million in "parachute payments" following Blackpool's relegation at the end of the season.
Mr Green said: "Owen and Karl Oyston have treated Blackpool Football Club as the Oystons' personal cash machine."
The QC said the family's case was that at all times they had been transparent and open in relations to payments made out of the club.
"Our case is that this is simply inconsistent when you consider the documents.
"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 million in July 2008 to develop the south stand and south-west corner of the club's stadium.
That case was brought by JSC Baltic International Bank, owned by Mr Belokon, against Segesta Ltd, the holding company for the club's assets.
In March, the club announced Mr Belokon was being suspended from its board as a result of a judgement in the Paris Court of Appeal related to disputed allegations of money laundering involving two banks founded or owned by him.
Gary Bowyer has sent his very best wishes to Jimmy Armfield, who is currently receiving radiotherapy treatment.Read the full story ›
The owners of Blackpool FC have dropped a defamation case against a fan, saying they want the club to "concentrate on the future".Read the full story ›
The owners of Blackpool Football Club have dropped a defamation case against a fan of the club.
Blackpool FC's owners drop case against fan accused of defaming them during a protest at a game. Costs awarded against Owen and Karl Oyston.
Blackpool FC fans have used their opening game of the season to protest against the Oyston family's ownership of the club.Read the full story ›
Blackpool chairman Karl Oyston says his club is simply not up for sale.
He's become known as one of football's most controversial owners, and has been the target of fan's anger - with protests at the club's Bloomfield Road ground.
They've been relegated twice in two years, and face the coming season in League Two with another new manager - their ninth in just four years.
In an exclusive interview Karl Oyston spoke to our correspondent Ashley Derricott.
**Ashley Derricott's full report on Karl Oyston will be on Granada Reports on ITV at 6pm.**
Under fire Blackpool chairman Karl Oyston has spoken exclusively to Granada Reports today.
The seasiders have been relegated twice in two years, and face a season in League Two with another new manager
He told Ashley Derricott why he felt like it was the right time to break his silence.
You can watch our full report on Karl Oyston on Granada Reports on ITV at 6pm.
New Blackburn boss, Owen Coyle, and Blackpool's Gary Bowyer are both taking on clubs with years of frustrating results and disillusioned supporters.
But they've been telling our reporter, Chris Hall, they are both up for the challenge.
Former Blackburn boss Gary Bowyer has been appointed as Blackpool's new manager.Read the full story ›