Owen Oyston flies to Latvia to hold talks with Valeri Belokon

Representatives for Belokon, who Oyston still owes £25m, told The Gazette the meeting went well and are hopeful the talks with help bring a resolution to the matter.

Belokon's lawyers Clifford Chance were not in attendance and no official comment is expected to be released.

Supporters are hoping this could be a major step towards regime change at the club, although it is not known whether the ownership of the football club was brought up during the talks.

This comes just a few weeks after Oyston suffered another damaging defeat to Belokon in the High Court in London.

Justice Marcus Smith ruled seven of his properties and shares in two of his companies, one of which owns the controlling interest in the football club, will be put up for sale.

This is in order to raise the £25m Belokon is still owed following last November’s momentous court judgment.

The Oystons were ordered to buy out Belokon for £31.27m after it was found they had illegitimately stripped the club of cash following promotion to the Premier League in 2010.

Justice Marcus Smith found then that the Oystons had unfairly prejudiced the Latvian, who accused them of “improperly” extracting tens of millions of pounds from the club.

The judge found in his favour and the club was put up for sale four days later.

Oyston has been contacted for comment.