The latest instalment in the battle between Valeri Belokon and Owen Oyston will be heard tomorrow.
Oyston will learn tomorrow the outcome of his Appeal Court challenge to the decision by a judge in Manchester over an investment agreement between his and Belokon’s companies in respect of improvements to Blackpool FC’s South Stand and South West Corner and the building of a hotel at the ground.
After a hearing in March three of the country’s top judges – Lords Justice Longmore and Newey and Lady Justice Asplin – reserved their decision.
They are now scheduled to give it this tomorrow.
In February 2017 Judge Jane Moulder, sitting at Manchester Civil Justice Centre, found in favour of Mr Belokon.
He had disputed the validity of various “deductions” that were applied to income generated by the development and claimed they had reduced profits available to be distributed on a 50/50 split.
Judge Moulder ruled that he had not agreed to the hotel at the site being built and the July 2008 investment agreement had not provided for losses suffered by the hotel to be deducted when calculating income. She also ruled that there was no subsequent agreement between the parties that such losses could be deducted.
Mr Belokon has since been paid the £950,000 plus £425,000 legal costs.
Mr Oyston’s Blackpool Football Club (Properties) Ltd, formerly Segesta Ltd – which owns the club’s ground – has challenged the judge’s decision arguing over the way the contract with VB Football Assets (VBFA) and JSC Baltic International Bank should be interpreted.