Blackpool FC owner Owen Oyston has tonight released a 1,000-word statement in which he offers his controlling stake in the club to Valeri Belokon for £5m.
At the start of February, Oyston made a proposal to Belokon - the man he still owes £25m to - that involved the football club and related assets.
In his letter, Oyston said he hoped the proposal, if accepted, will “end the turmoil and uncertainty” surrounding the club.
Oyston claims to have received no response from the Latvian and, following the recent impasse between the two parties, has tonight issued further correspondence.
The statement reads: “Dear Valeri.
“I did not receive a reply to the [February 7, 2018] letter. As you know and which information is public knowledge:
1) Your solicitors have frozen the bank accounts of the Oyston Group of Companies.
2) Your solicitors have taken nearly £1m from my personal banking account even though I undertook to use that money exclusively to fund Blackpool Football Club.
3) Your solicitors have refused to permit any part of the revenues from the proceeds of the sales of my assets to be used to fund the club.
“These factors amongst others are damaging the development of the club.
“Your expert valuers during the court case when we were in League Two valued the football club at between £49m and £56m, which took into account some inter-company loans.
“But even taking these into account the club was substantially over valued.
“However, now we are in League One, the value must have increased significantly over and above its League Two value.
“I now offer you, Valeri, because of my love for Blackpool Football Club, all my shares in the club which would give you total control for a payment of £5 million, or this £5 million could be offset against the debt owed to you.
“This means that you would not need to find any monies to acquire my shares.
“This offer is on the condition that you undertake to fund the football club and to make sufficient investment to see Blackpool Football Club with a secure future and to advance up the league tables.
“Now is the final opportunity to show your regard and affection for the club. You have consistently told the fans that you love the club and that you are coming back. Now is your opportunity to be as good as your word.
“I await hearing from you - Owen.”
The statement, which makes no mention of Belokon owning the Bloomfield Road stadium or the outstanding £25m debt, also included a brief club update, which stated: “Blackpool FC tried hard to keep Gary Bowyer.
“Gary parted company with the club on good terms and in a good spirit.
“In his own words in the club’s press release, Gary said: ‘It has been a pleasure to manage Blackpool Football Club over the past two years…’
“Gary wanted to spend time with his family and he assured us that he didn’t have any other club to go to.
“We have signed nine new permanent players, four loan players and re-signed three of our existing squad and are still searching for strikers. Last night we signed Donervon Daniels, who played for us before in the Championship.
“A new groundsman has been appointed over the summer and has done a solid job in preparing the pitch for the match tomorrow.
“All legal cases relating to and under the control of Blackpool Football Club have been dropped.
“The academy has had great news and has been awarded the rights to once again operate a Category 3 Academy.
“The academy already runs teams from under 9s-18s. There are 13 members in the academy team with additional support staff of over 25.
“The academy under 18s reached the semi-finals of the FA Youth Cup last year, losing to Arsenal, and were the League and Lancashire FA Youth Cup winners the previous year.
“They are in the top three for Category 3 teams for producing players signed to the first team over the past four years.
“The Community Trust goes from strength to strength and touches and helps the lives of large numbers of adults and children in our community.
“Blackpool Football Club is proud to be able to offer our stadium and accommodation free of charge to this amazing and ever expanding charity.”
Providing an update on his search to find an investor for the club, Oyston added: “It is a hard challenge to discharge a judgement debt of £34m imposed by the court although over £12m has already been paid to Valeri Belokon or his solicitors.
“There has been much interest in the club but many of the parties did not have proof of funds or the track record to take Blackpool forward.
“However serious buyers emerged with multi-million or billionaire status and have expressed ongoing interest in the club but have refused to engage in negotiations until the judgment debt has been settled and the club has returned to near normality.
“They do not wish to get involved or caught up in a high-profile conflict and so they are waiting in the wings to progress still their serious interest.
“In the interim period Owen has kept the Football Club afloat as there is no one else to pay the wages.”