Blackpool for sale: The Oyston Family set to sell club after losing High Court battle

Blackpool have confirmed that the club has been put up for sale after the owners lost a multi-million High Court battle.

Millionaire businessman Valeri Belokon won a bitter battle with the Oyston family over the running of Blackpool on Monday after 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.

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, but the judge ruled on Monday that there had been unfair prejudice. After further discussion in court, the judge ruled that a "financial buy-out" was the appropriate course following his findings.

The Oystons now face having to purchase the interests of VB Football Assets for over £31million, and the club's owners have confirmed that they are now seeking a sale of the club and also intend to appeal aspects of the ruling.

A statement released via Blackpool's website read: "The Directors of Blackpool Football Club and Blackpool Football Club Properties are now in a position, following the conclusion of litigation, to market for sale Blackpool Football Club Limited and Blackpool Football Club Properties Limited.

"Substantial, external, non-football revenue is a major component of the Properties business. Expressions of interest should be made to an independent nominee, appointed by the Football Club, who can be contacted via email - independentnominee@blackpoolfc.co.uk

"Following the recent High Court judgment, legal counsel for the respondents have been instructed to apply for leave to appeal elements of the judgment with immediate effect.

"In the interim period, as throughout the litigation process, the focus of the Football Club’s board remains on supporting the manager and continuing to negate the impact of off-field issues."

Additional reporting by the Press Association.