Valeri Belokon wins battle over running of Blackpool to tune of £31.2m
Millionaire businessman Valeri Belokon has won a bitter High Court battle with the Oyston family over the running of Blackpool.
His company, VB Football Assets, a minor shareholder in Blackpool, brought an action against the Oystons and their companies alleging they had shown unfair prejudice against shareholders.
A judge in London ruled on Monday that there had been unfair prejudice, and ordered a buy-out of the "entire interest" of VB Football Assets in Blackpool FC for £31.27 million.
Justice Marcus Smith ordered the buyout jointly against Blackpool Football Club (Properties) Ltd, and Owen Oyston and Karl Oyston, but not against the football club itself.
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.
The judge ordered a payment of £10 million to be paid on account within 28 days.
Lawyers for VB Football complained that both 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.