A Far East company that previously expressed interest in purchasing Blackpool Football Club has revealed its deal is off the table due to Owen Oyston’s ongoing legal battle with Valeri Belokon.
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A representative for the Singaporean-based vSport, who were believed to have tabled a £25m bid back in June, has told The Gazette they are unable to make an offer and that no one is likely to invest in the club while the legal issues remain.
vSport founder Qiang Bai has been frustrated by the process, having originally launched talks back in April only for those negotiations to break down during the summer.
The blockchain technology firm has been looking for an investment opportunity in English football for some time now.
The former Dutch international Wes Sneijder has links to the company but it is not believed he had any involvement in the Blackpool takeover talks.
Their original offer for Blackpool would have seen them take full control of the club as well as the Bloomfield Road stadium, ceasing any further Oyston involvement.
But The Gazette understands that Oyston valued the club at £45m but vSport would not entertain such a figure.
It is believed Oyston, who is desperate to keep hold of the club, is still considering taking out a loan to help pay off his £25m debt, although this is a ploy he has adopted for months to no success.
Should Oyston take out the loan, which is likely to involve crippling repayments, it is thought he would look at selling his share in the Whyndyke Farm development.
Belokon is still owed in the region of £25m following last year’s High Court judgement, which found that Oyston had illegitimately stripped the club of cash following its promotion to the Premier League in 2010.
There has been speculation that Belokon’s lawyers Clifford Chance could look to appoint a court receiver, which could involve the threat of the football club entering administration.
Last month Oyston was served with a penal notice by the High Court but, with the deadline up, it is not clear if he has complied. If he hasn’t, Clifford Chance would be required to apply for a further court hearing to discuss the matter.
The Gazette asked Belokon’s representatives to comment last week but received no reply.