Valeri Belokon wins high court battle with Oyston family over running of Blackpool FC

Millionaire businessman Valeri Belokon has won a bitter High Court battle with the Oyston family over the running of Blackpool FC.

His company, VB Football Assets, a minor shareholder in Blackpool, brought an action against the Oystons and their companies alleging that they had shown unfair prejudice against shareholders.

Lawyers for VB Football complained that both Mr Belokon and his nominated directors were excluded from key decisions, information and share of profits.

Owen Oyston, Blackpool's majority shareholder, and his son Karl, the club's chairman, denied the accusations during a lengthy civil trial in London earlier this year before Mr Justice Marcus Smith.

They gave evidence that all financial transactions were conducted in an open and transparent manner.

The judge announced his decision on the dispute on Monday, ruling that there had been unfair prejudice.

Owen Oyston (left) and Valeri Belokon (right) Credit: PA Images

After further discussion in court the judge ruled that a "financial buy-out" was the appropriate course following his findings.

It is understood that Blackpool will now have to purchase the interests of VB Football Assets for £31.27 million.

The judge ordered the buy-out jointly against Blackpool Football Club (Properties) Ltd, a company with Oyston family links formerly known as Segesta, and Owen Oyston and Karl Oyston, but not against the football club itself.

Mr Belokon, who resigned as a director of the club in August, had accused the Oystons of "improperly" extracting tens of millions of pounds from the Lancashire club's funds after it enjoyed a cash "jackpot" after winning promotion to the Premier League in 2010.

He claimed they had treated the club as "their own personal cash machine".

He said in a witness statement that he felt "betrayed" by the Oystons.

Alan Steinfeld QC, appearing for the club and the Oystons, told the judge that all payments were made "lawfully, openly with no attempt at concealment, and every single one of them was ratified by the board".

Mr Belokon, he argued, had suffered no unfair prejudice.

Watch Ashley Derricott's full report below.