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Vital Youth Team
Press release
November 6, 2017
Belokon wins a court against Oyston family
On November 6, the London High Court ruled that Oystons (Owen Oyston and Karl Oyston) must for GPB 31,27 buy out shares belonging to Valeri Belokon, shareholder of Baltic International Bank, due to violation of minority shareholder rights.
In addition, Oystons must pay Mr Belokon his litigation costs, which could be approximately GBP 2 million.
Thus, Valeri Belokon has managed to both to resolve long-term shareholder conflict in the Club and to regain his investments into the Club over 10 years.
Valeri Belokon: "Like many Blackpool fans, I have always questioned the large payments from Blackpool Football Club to companies owned by Owen and Karl Oyston following our great promotion to the Premier League. In finding that those payments were disguised dividends to the Oyston family, today's Judgment vindicates what we have all been saying. The Judgment reveals clearly for the first time the full extent of those payments and provides transparency as to how the club has been run. It is a shame that things have had to progress to this stage, but I felt that I had little option but to pursue the proceedings in the circumstances. I hope that the Club's fans will understand that when they consider the findings.
The future of this great Club and my involvement in it is uncertain at this time. I will be taking the time to consider matters and my options with my advisors. What I am certain of is that, with the fan's support, today's Judgment could mark a turning point in the Club's fortunes.
I would also like to thank the Clifford Chance team, led by Chris Yates, and our barristers Andrew Green QC and Fraser Campbell for their fantastic work over the past 3 years."
This is another victory of Mr Belokon in international litigation. In 2014, the International Arbitration in Paris ruled that the Kyrgyz state should pay V. Belokon USD 16.5 million for illegally expropriated Manas Bank.
Claim for unfair prejudice against co-owners of Balckpool Football Club Messrs Owen Oyston and Karl Oyston and their companies was raised by wealthy Latvian businessman’s Valeri Belokon company VB Football Assets (a shareholder in Blackpool Football Club).
Mr.Belokon raised the claim mainly because since the Club’s promotion to the Premier League in 2010, millions of pounds of BFC monies have been transferred by the Oystons from the BFC to Oystons’ companies through unsecured interest-free loans and by paying GBP 11 million, as the Director’s remuneration, to Owen Oyston. These activities were carried out by Oystons without informing Mr Belokon, without his involvement in the decision-making. Mr Belokon was not paid a profit share due to him, thus violating his minority shareholder rights.
At the same time Oystons did not invest adequate resources into the football team, despite the fact that so-called parachute payments from the Premier League over the few years reached almost 100 million pounds. As a result, a team has dropped from the Premier League to the third tier league in a few years time.
The purchase of Blackpool FC shares brought the Club money to be invested in team. The Investment Agreement signed between Valeri Belokon owned “VB Football Assets” and “Segesta Limited” guaranteed the necessary stadium-infrastructure improvements and construction of new stands for the convenience of the supporters. Mr Belokon also established a special-purpose Fund for buying highly qualified players. These Mr Belokon’s investments and his active participation in the development of the club allowed Blackpool Football Club to get into the Premier League in a few years time.
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(*) Claim is raised against Owen Oyston, Karl Oyston, and against companies owned by them: Blackpool Football Club (Properties) Limited, (Formerly Segesta Limited), Blackpool Football Club Limited.
November 6, 2017
Belokon wins a court against Oyston family
On November 6, the London High Court ruled that Oystons (Owen Oyston and Karl Oyston) must for GPB 31,27 buy out shares belonging to Valeri Belokon, shareholder of Baltic International Bank, due to violation of minority shareholder rights.
In addition, Oystons must pay Mr Belokon his litigation costs, which could be approximately GBP 2 million.
Thus, Valeri Belokon has managed to both to resolve long-term shareholder conflict in the Club and to regain his investments into the Club over 10 years.
Valeri Belokon: "Like many Blackpool fans, I have always questioned the large payments from Blackpool Football Club to companies owned by Owen and Karl Oyston following our great promotion to the Premier League. In finding that those payments were disguised dividends to the Oyston family, today's Judgment vindicates what we have all been saying. The Judgment reveals clearly for the first time the full extent of those payments and provides transparency as to how the club has been run. It is a shame that things have had to progress to this stage, but I felt that I had little option but to pursue the proceedings in the circumstances. I hope that the Club's fans will understand that when they consider the findings.
The future of this great Club and my involvement in it is uncertain at this time. I will be taking the time to consider matters and my options with my advisors. What I am certain of is that, with the fan's support, today's Judgment could mark a turning point in the Club's fortunes.
I would also like to thank the Clifford Chance team, led by Chris Yates, and our barristers Andrew Green QC and Fraser Campbell for their fantastic work over the past 3 years."
This is another victory of Mr Belokon in international litigation. In 2014, the International Arbitration in Paris ruled that the Kyrgyz state should pay V. Belokon USD 16.5 million for illegally expropriated Manas Bank.
Claim for unfair prejudice against co-owners of Balckpool Football Club Messrs Owen Oyston and Karl Oyston and their companies was raised by wealthy Latvian businessman’s Valeri Belokon company VB Football Assets (a shareholder in Blackpool Football Club).
Mr.Belokon raised the claim mainly because since the Club’s promotion to the Premier League in 2010, millions of pounds of BFC monies have been transferred by the Oystons from the BFC to Oystons’ companies through unsecured interest-free loans and by paying GBP 11 million, as the Director’s remuneration, to Owen Oyston. These activities were carried out by Oystons without informing Mr Belokon, without his involvement in the decision-making. Mr Belokon was not paid a profit share due to him, thus violating his minority shareholder rights.
At the same time Oystons did not invest adequate resources into the football team, despite the fact that so-called parachute payments from the Premier League over the few years reached almost 100 million pounds. As a result, a team has dropped from the Premier League to the third tier league in a few years time.
The purchase of Blackpool FC shares brought the Club money to be invested in team. The Investment Agreement signed between Valeri Belokon owned “VB Football Assets” and “Segesta Limited” guaranteed the necessary stadium-infrastructure improvements and construction of new stands for the convenience of the supporters. Mr Belokon also established a special-purpose Fund for buying highly qualified players. These Mr Belokon’s investments and his active participation in the development of the club allowed Blackpool Football Club to get into the Premier League in a few years time.
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(*) Claim is raised against Owen Oyston, Karl Oyston, and against companies owned by them: Blackpool Football Club (Properties) Limited, (Formerly Segesta Limited), Blackpool Football Club Limited.
