Owen Oyston has rejected a bid to buy the club by Blackpool’s supporters, claiming it would ‘go to the wall’ if he accepted.
Blackpool Supporters Trust tabled an offer worth around £23m in July which would have seen them take over the club’s assets for what they insisted was the ‘good of the club’.
And Oyston has now formally rejected the bid, claiming he failed to get sufficient answers to questions he set the fan group.
In a letter to BST, Oyston said: “I believe that if you were left to run the club it would go to the wall because you do not have any money or the experience necessary to support the club in its moment of need.
“It would be irresponsible of me to simply hand this over to you as it is clear to any independent observer that you could not operate it successfully.
“From the many discussions I have had with large numbers of fans, it is clear that they have seen how I have been able to support the club through tough times and know I am in a position to do so in the future.
“They have implored me not to hand over the cash and assets to you.”
The complicated proposals would have seen BST hand assets to the Oyston family, including the Travelodge hotel land near the stadium and Quernmore Park Hall in Lancaster.
BST would also write off £3m in outstanding loans from the club to Oyston-owned businesses along with the £7m debt to club president Valeri Belokon.
But importantly for Oyston, the offer involved no cash.
He added: “The proposal that you put to me which the press referred to as a £23m hostile bid and which you, both in your letter and publicly have stated is a £16m bid, is as you have now admitted no bid at all, but an invitation for me to give you all the assets and cash without you producing one penny of new money.
“In short, you are asking me to give you all the cash and assets and you have not even answered the basic questions I have to put to you.”
The announcement comes ahead of Blackpool’s trip to Bury this afternoon where more than 2000 fans are expected to make the trip.
Protests against the Oyston family are expected, but he once again was quick to defend himself.
Oyston said: “I conclude by asking you and the members of BST to get behind the Club, the Manager and the team and support them.
“I know there will be disappointments ahead, however, I really believe that we can get back to winning ways and return to the top flight.
“For my part, I am dedicating my life to achieving the success that we all want.”
Blackpool Supporters Trust are expected to respond.