[Football] Oystons get their comeuppance

[BensGrandad]

Too complicated for me with the legal findings just hope that it all goes as well for the Blackpool fans as it has for us.

 

[CP 0 3 BHA]

I can't imagine there is any restriction on where the money comes from - they own the club, they can sell it, they own the ground they can sell that. I wouldn't be surprised if the Oyston's follow a scorched-earth policy from here, especially if they are going to end up bankrupt regardless.

I fear you will prove to be right with that assessment. I have a mate who is closely involved with the supporters trust etc and it is clear from talking to him previously that the Oystons are taking malicious enjoyment in the fight and will not hesitate to take whatever revenge they can. You can also be assured that they will have arranged their personal affairs to ensure that their lifestyles continue uninterrupted, with or without a personal bankruptcy or two.

I'm hoping to speak to my mate tomorrow and it will be interesting to get his take on these latest developments.

 

[clapham_gull]

Too complicated for me with the legal findings just hope that it all goes as well for the Blackpool fans as it has for us.

There you go

http://twohundredpercent.net/blackpool-oystons-game-over-surely/

 

[TangerineArmy]

Although the EFL have done nothing in our fight they obviously have a sense of humour....ref for sat Ben Toner (aka Bent Owner).

Who knows what will happen to us, I think most of us currently don't care apart from the financial demise of the oystons. Whatever happen BFC will be around one way or the other and what I must say your support throughout has been brilliant, when we played you I always remember your guys leading our charge to the main doors... So a massive thank you for the support.

Just off topic.... always wanted a trip to Brighton and have booked a week in August.... so have a 7yr old and was just after your thoughts on things to do/go? Any short trips worth while etc.... I know I can look on TA but thought I would ask you guys first.... also any Real ale pubs worth a visit (for me... not my 7yr old.. lol). TIA

All the best from a happy seasider

 

[The Large One]

Yep, or they could wind up the club, selling off the assets - players, ground, equipment. That may not cover the debt, but they could do that first and then declare bankruptcy; rather than declare bankruptcy and surrender the club as a going concern.

If they claim they will raise the money by selling off the clubs assets, then presumably the judge wouldn't stop them trying - and the only way for someone to buy the club as a going concern would be to pay the full amount for the club

The judge has ordered that £10m be paid to Belokon within 28 days of the judgement. Addtionally, the judge has ordered a freezing of all the Oystons' assets until such time as a satisfactory arrangement to pay the balance to Belokon can be decided.

Seeing as the judge specifically said that it's the Oystons, not Blackpool FC, who must cough up, then Segata, the wholly-owned Oyston company which has its 48.145% share in Blackpool FC can't offload its assets - because the judge has frozen them.

That's how I read that part of the judgement, anyway.

 

[Kalimantan Gull]

The judge has ordered that £10m be paid to Belokon within 28 days of the judgement. Addtionally, the judge has ordered a freezing of all the Oystons' assets until such time as a satisfactory arrangement to pay the balance to Belokon can be decided.

Seeing as the judge specifically said that it's the Oystons, not Blackpool FC, who must cough up, then Segata, the wholly-owned Oyston company which has its 48.145% share in Blackpool FC can't offload its assets - because the judge has frozen them.

That's how I read that part of the judgement, anyway.

Do the Oystons not have a majority share in Blackpool?

 

[The Large One]

Do the Oystons not have a majority share in Blackpool?

No. This is one of the cornerstones of the whole hearing.

Belokon, not long after his original investment into Blackpool believed he had entered into a gentlemen's agreement with the Oystons (who had hitherto been the majority shareholders) that they would have equal share. There are some other minority shareholders, whose collective ownership amounts to 3.71% of the shares.

Owen Oyston always flatly denied that any such agreement existed. However, his subsequent behaviour and non-denial denials (as came out at the hearings) satisfied the judge there had been a verbal gentlemen's agreement in place - and therefore legally binding.

Once that was decided, Belokon then had to prove unreasonable behaviour on the part of the Oystons, when they took several million pounds out of Blackpool FC to 'pay' themselves without informing, nor with the permission of, the rest of the board.

What this judgements is about is the judge saying (bearing in mind the Oystons haven't put a penny of it back) if the Oystons were entitled to this 'dividend' money from Blackpool FC, so should Belokon (as an equal shareholder). And it shouldn't be Blackpool FC who pays it - it should be the Oystons in the form of a forced buy-out. The sum in question is £26.77m for the 'dividend payments', and £4.5m for Belokon's shares.

 

[Kalimantan Gull]

Thanks for your replies. I've re-read the whole thread to make sure I don't ask anything else twice!

He's a convicted money launderer - in Kyrgyzstan. Belokon also believes he's been told he can't be anywhere a Football League club any more.

Interesting that the FL bans oversea money launderers - but British crooks? Openly welcomed...

This bit then........ If the Oyston's manage to find the money, they will effectively own all the club. If they don't find all the money, Belokon could presumably agree to take the Oyston's share as part-payment (although if worth only 4.5m, probably not)- which would leave Belokon owning the entire club but yet he's apparently not allowed to by the FL - leaving them where exactly?

Or they declare bankruptcy, the bank takes their 48% of Blackpool - and do what exactly with it? I have to say this is intriguing on many levels

 

[The Large One]

This bit then........ If the Oyston's manage to find the money, they will effectively own all the club.

Correct, all bar the minority shareholders. However, they will be £31.7m poorer.

If they don't find all the money, Belokon could presumably agree to take the Oyston's share as part-payment (although if worth only 4.5m, probably not)- which would leave Belokon owning the entire club but yet he's apparently not allowed to by the FL - leaving them where exactly?

For a start, Belokon is demanding £10m within the next 28 days from the Oystons - and the court has agreed to this. The fact he's doing that might suggest he believes the Oystons have that on them - or can get access to it quickly. It would be a bit daft to make a claim for something knowing he won't be able to get it.

This hearing was never about future control of Blackpool FC. One thing does appear apparent - Belokon doesn't want shares in Blackpool FC any more. So that kind of settlement (Oyston's shares in Blackpool FC) may not be a satisfactory resolution for him. And besides, what are Blackpool FC shares worth? Bugger all - and he'd be inheriting a major loss-making enterprise which he has little or no interest in being a part of.

Or they declare bankruptcy, the bank takes their 48% of Blackpool - and do what exactly with it? I have to say this is intriguing on many levels

I'm not sure they'd be allowed to declare bankruptcy all the while the court has frozen their assets. Perhaps a financial expert on here can clarify that.

It depends on what Belokon is prepared to accept. He's entitled to £31.77m. I don't think he's out to destroy the Oystons (though if that happens en route, I doubt he'll shed a tear) - he's more interested in getting his money. I doubt the sale of Blackpool FC to any given third party will cover the debt (though it's important for the future prosperity of the club that it is sold) - and any asset-strip to cover the debts is very much off the table. The judge said this settlement must come from the Oystons' pockets - not Blackpool FC.

So, unless the Oystons have a good rummage down the back of the sofa and come up with the readies, this may well mean the unravelling of the Oyston empire - including offloading the football club to someone who gives a toss. And that really will have the Blackpool fans popping the Champers...

 

[Kalimantan Gull]

Interesting stuff. From a Blackpool perspective then, either the Oyston's will own all the club, and be poor & pissed off; or Belokon will own all or half the club, but not be allowed to run it.

I hope they get their Dick Knight soon, I'm sure they will

 

[The Large One]

Interesting stuff. From a Blackpool perspective then, either the Oyston's will own all the club, and be poor & pissed off; or Belokon will own all or half the club, but not be allowed to run it.

I hope they get their Dick Knight soon, I'm sure they will

Like I said, I'm not sure Belokon will accept shares in Blackpool FC as payment. In fact, the judge has ordered the Oystons to cough up £31.7m with no caveat for saying shares are acceptable.

He may go for it, but that would undo what he has been trying to achieve - get his money.

 

[Kalimantan Gull]

Like I said, I'm not sure Belokon will accept shares in Blackpool FC as payment. In fact, the judge has ordered the Oystons to cough up £31.7m with no caveat for saying shares are acceptable.

He may go for it, but that would undo what he has been trying to achieve - get his money.

Sure, but he'll still own his 48% if the Oyston's don't buy it off him, as ordered

 

[The Large One]

Sure, but he'll still own his 48% if the Oyston's don't buy it off him, as ordered

True, but he can offload them any time he wants (within reason).

One way of doing this is to wait to find out what the Oystons intend to do raise the cash. If selling their shares is one of their options, a potential buyer may wish to purchase more than the Oystons' 48%. In fact, merely buying up 48% of a struggling club's shares isn't that attractive at all. Therefore, Belokon could offer his up at the same time, and make it a more appealing deal for a potential buyer / saviour.

This also seeks to presume he gives a toss about Blackpool's future prosperity...

I don't know - loads of variables, and much of it supposition as to what happens next.

 

[Thunder Bolt]

Trying to sell one of their assets has failed today.

http://www.lep.co.uk/news/business/oyston-mill-fails-to-sell-1-8847014

 

[The Large One]

Trying to sell one of their assets has failed today.

http://www.lep.co.uk/news/business/oyston-mill-fails-to-sell-1-8847014

Oops.

 

[Postman Pat]

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.

https://www.blackpoolfc.co.uk/news/2017/november/club-statement/

 

[Juan Albion]

New referee appointed for their game at home to Portsmouth after the powers that be finally realised that someone called Ben Toner was bound to cause some hilarity.

 

[TangerineArmy]

Albion roar bhafc on Twitter has been bloody brilliant. Anyone who know em please thank them... And when I'm there in August I will buy you a few pints.. You fans really have been great in your support.

Top club.. Top fans

 

[The Large One]

Albion roar bhafc on Twitter has been bloody brilliant. Anyone who know em please thank them... And when I'm there in August I will buy you a few pints.. You fans really have been great in your support.

Top club.. Top fans

Aw shucks.

Looking forward to beating you cos you're shite rather than than cos your chairman is behaving like a total penis and destroying the club.

 

[Frutos]

https://www.theguardian.com/football/2017/nov/10/referee-ben-toner-dropped-backpool-oystons