How long the Oyston family will have to pay Valeri Belokon more than £20m will be decided at a court hearing next week.
A hearing to decide the schedule of payments following November's momentous High Court judgement is listed for Monday, December 18 at the Rolls Building in London.
The hearing will begin at 10.30am.
The Oystons have already forked out £10m to Belokon, a payment they made at the start of the month.
A judge will now decide how long they have to pay the rest.
Lawyers for the Oyston family have previously argued they would need at least 12 months, but the judge believed this time frame was too long.
It comes after the Oyston family were ordered to pay former director Valeri Belokon £31.27m after it was found they had illegitimately stripped the club of cash by a High Court judge earlier this month.
The football club was put up for sale four days later.
Justice Marcus Smith found that the Oyston family, the owners of Blackpool Football Club, acted improperly and paid £42m to their own companies.
Mr Belokon, who resigned as a director of the club in August, had accused the Oystons of "improperly" extracting tens of millions of pounds from the Lancashire club's funds after it enjoyed a cash "jackpot" after winning promotion to the Premier League in 2010.
He claimed they had treated the club as "their own personal cash machine" and said in a witness statement that he felt "betrayed" by the Oystons.
The judge found in his favour and ruled there had been unfair prejudice.
The Oystons have since asked for permission to appeal the High Court judgement.