[Football] Oystons get their comeuppance

Juan Albion · Nov 6, 2017

Couldn't have happened to a more deserving couple, in my opinion.

"Justice Marcus Smith told the court, with 50 Blackpool supporters in attendance, that he was ordering the Oystons must buy out Belokon’s stake in the club, for £31.27m. Belokon, and his adviser, Normunds Malnacs, were loudly applauded by the supporters when they arrived in court."

https://www.theguardian.com/football/2017/nov/06/oystons-blackpool-ordered-pay-shareholder-high-court-valeri-belokon

Raleigh Chopper · Nov 6, 2017

Heard that earlier today and I'm very happy about it.
Will be interesting to see if they cough up.

BensGrandad · Nov 6, 2017

I would assume the judge knows the answer but how would that stand up if the Oystens say they dont have that amount of cash and that their wealth is tied up in assetts.

LlcoolJ · Nov 6, 2017

Utter scumbags.

Postman Pat · Nov 6, 2017

BensGrandad said:
I would assume the judge knows the answer but how would that stand up if the Oystens say they dont have that amount of cash and that their wealth is tied up in assetts.

In the article it says "The Trust believes that the financial pressure on the Oystons to sell assets to meet the payment to Belokon makes it more likely that they will have to sell the club."

BensGrandad · Nov 6, 2017

Postman Pat said:
In the article it says "The Trust believes that the financial pressure on the Oystons to sell assets to meet the payment to Belokon makes it more likely that they will have to sell the club."

That is what everybody other than the Oystons want to happen I think. Would Blackpool FC be valued as much as that though? It seems a ,lot but presumably they own their ground etc

The Large One · Nov 6, 2017

BensGrandad said:
That is what everybody other than the Oystons want to happen I think. Would Blackpool FC be valued as much as that though? It seems a ,lot but presumably they own their ground etc

It's nothing to do with the value of Blackpool FC. And no, Blackpool is worth nothing like that much.

It's a long an complicated story, but it's a judgement handed down on the back of the Oyston's behaviour from 2006 to 2011.

Official Old Man · Nov 6, 2017

Half following this.
But if the Oystons buy up the Belokon share wont they then own 100% of the club?

Got it now. The Oystons don't have that money and so may have to sell the club.

The Large One · Nov 6, 2017

Raleigh Chopper said:
Heard that earlier today and I'm very happy about it.
Will be interesting to see if they cough up.

It's a court order, which they've been given 28 days to fulfill.

TangerineArmy · Nov 6, 2017

Not sure how the oystains will/how pay out but regardless its a massive day for us.

The big thing for us is that they have lost massively and they have to pay... Where that leaves us I really don't know but I sadly currently don't care.. I just want the oystains to lose everything!

BensGrandad · Nov 6, 2017

Could the Oystons file for bankruptcy to avoid paying that amount of money.? Obviously having filtered the money off shore or wherever, which I would think that they have already done while Oyston Snr was in prison.

The Large One · Nov 6, 2017

BensGrandad said:
Could the Oystons file for bankruptcy to avoid paying that amount of money.? Obviously having filtered the money off shore or wherever, which I would think that they have already done while Oyston Snr was in prison.

If they did, they'd have to relinquish ownership and control of the company that owns Blackpool FC.

As I understand it, all of their assets have been frozen until such time as this matter is settled.

[tweet]927559910325477377[/tweet]

BensGrandad · Nov 6, 2017

Their assets are frozen now but that is not to say what happened while he was in prison and his son ran the show.

Blue Valkyrie · Nov 6, 2017

BensGrandad said:
Could the Oystons file for bankruptcy to avoid paying that amount of money.? Obviously having filtered the money off shore or wherever, which I would think that they have already done while Oyston Snr was in prison.

Yes, of course they *could* break the law.

They *could* also fill a suitcase full of diamonds and make a run for Paraguay.

It's more likely though that they will abide by the ruling and pay up isn't it ?

The Large One · Nov 6, 2017

BensGrandad said:
Their assets are frozen now but that is not to say what happened while he was in prison and his son ran the show.

I appreciate that. And it's not relevant to today's ruling.

They've got to come up with £10m now, and work out a plan for the balance. While they do that, their money - wherever it is squirreled - can't move. So if it is offshore, they can make provisions to get it back sharpish.

The alternatives - assuming they don't have it or can't get it - don't look too appealing.

Weststander · Nov 6, 2017

I remember the good times said:
Half following this.
But if the Oystons buy up the Belokon share wont they then own 100% of the club?

Got it now. The Oystons don't have that money and so may have to sell the club.

Which would be similar to the way Liverpool finally got rid of 100% shareholders Hicks and Gillett. The bank, acting with honourable Board members, were able to seize control as Hicks/Gillett couldn't provide funding to repay the RBS loan to the club by a deadline. In effect, momentarily RBS owned the club, with new owners waiting in the wings taking over a moment later. A legal coup d'etat.

Hoping the Oysten's can't get the funds. The Blackpool fans deserve better.

That familiy were the first to take a club to the PL, spend relatively little on transfers, giving them a cash cow for years to come.

BensGrandad · Nov 6, 2017

Blue Valkyrie said:
Yes, of course they *could* break the law.

They *could* also fill a suitcase full of diamonds and make a run for Paraguay.

It's more likely though that they will abide by the ruling and pay up isn't it ?

You show more faith than I do as I would be fairly certain that they will have made provisons should they lose the case. I would think that the vast majority of their wealth is in a tax haven that the UK cannot touch and if needed they would follow it there.

GT49er · Nov 6, 2017

Great! British judges order £31M to be handed over the a Latvian (alleged) money launderer! Lovely to see the Oystons skinned for £31M, but I wish they could have found a more worthy recipient(s).

The Large One · Nov 6, 2017

Blue Valkyrie said:
Yes, of course they *could* break the law.

They *could* also fill a suitcase full of diamonds and make a run for Paraguay.

It's more likely though that they will abide by the ruling and pay up isn't it ?

My guess is they will stall, procrastinate, and generally sod-arse about.

I did a really dull thing earlier today and (skim) read the court ruling - it's 163 pages of interesting but complicated skullduggery. What comes across is that - when talking about the Oystons - we're not really talking about a particularly bright set of people. Certainly the judge didn't attach much weight to neither Karl or Owen Oyston's testimonies. They were largely making things up as they went along - even in the court hearings.

The Large One · Nov 6, 2017

GT49er said:
Great! British judges order £31M to be handed over the a Latvian (alleged) money launderer! Lovely to see the Oystons skinned for £31M, but I wish they could have found a more worthy recipient(s).

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...

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[Football] Oystons get their comeuppance

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