Blackpool Chairman and Presidentís War Of Words.
Tue 29th Jul 2014 | Clubs Ownership
A bitter war of words between Blackpool’s owners has broken out after Chairman, Karl Oyston posted an open letter in response to President, Valeri Belokon’s criticism of the way he’s running the club.
In the letter posted on the club’s official website today, Oyston suggested that, through a representative, Belokon had been pushing for him to buy his 20% share in the club for £24m.
The value, Oytson suggests being “virtually three times the original combined cost of your shares, which cost you £1.8m, with a further £6.6m loan from you to contribute towards the construction and fit-out of the South and South West stands.”
Oyston states that Belokon, a Latvian banker who through his company VBFA (Valeri Belokon Football Assets) would be extracting the money from the club back to Latvia at the detriment to the club.
“The loan agreement specifies that you receive a share of the club’s ongoing ticket, catering, commercial and season ticket income from the South and South West stands paid to your Latvian company,” stated Oyston.
“This would significantly reduce the amount of money available to the football club for the players’ wage budget - please tell me how this is putting football first?”
Oyston has been heavily criticised by the club’s fans after accounts for 2011/12 showed that Owen Oyston, Karl’s father and majority shareholder, was paid a director’s salary of £11m in the same season as Blackpool were relegated from the Premier League.
But Oyston, responding to suggestions that his father was siphoning money from the club, stating, “For 27 years my father has never taken a penny in dividends or any salary or any consultancy fees, even when, before my time, he was serving as chairman and chief executive. I have therefore resisted any such dividends.”
The current situation at Blackpool has seen the club abandon a string of pre-season matches as they concentrate on rebuilding the squad which up until Monday 28th comprised of just eight first team players.
The signing of three more players has now taken the total to eleven but they are still to sign a first team goalkeeper ahead of their Sky Bet Championship season opening fixture away to Nottingham Forest on the 9th August.
The open letter can be read in full here
Image: Action Images / Paul Currie Livepic
Posted by: Aaron Gourley
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