Simon Sadler has been announced as the new owner of Blackpool Football Club.
In a statement released on behalf of joint receivers Paul Cooper and David Rubin, it has been confirmed Sadler’s takeover has already received approval by the High Court and the EFL.
Owen Oyston, who was ousted following the receiver’s appointment in February, is no longer a shareholder in the club or the hotel.
“The joint receivers are delighted to announce the sale of Blackpool Football Club to Mr Simon Sadler,” the statement reads.
“The sale completed on June 13 following both High Court approval of the transaction as well as English Football League approval of the new owner and directors.
“Mr Sadler has purchased 96.2 per cent of the shares in Blackpool Football Club Limited (“BFCL”) as well as 100 per cent of Blackpool Football Club Hotel Limited (“BFCHL”).
“In addition to these companies he has purchased the football stadium, all stadium related property and the training ground.
“In Mr Sadler, the joint receivers are confident that they have found a purchaser who will be a custodian of the club’s proud heritage as well as a steward for its future development.”
Born and raised in Blackpool, Sadler has been a lifelong fan of the club having watched his first game at Bloomfield Road in 1977 at the age of eight.
He was also present at Wembley on May 22, 2010 to witness the club gain promotion to the Premier League.
The 49-year-old held senior roles in finance before setting up an asset management business, Segantii Capital Management, in Hong Kong in 2007, where he remains Chief Investment Officer.
“He is committed to the long term development of the club,” the receivers add.
Current interim board members Michael Bolingbroke, Ben Hatton and Ian Currie will remain on the board and will be joined by Brett Gerrity, a Poulton-based lawyer who works for the Crown Prosecution Service.
Tim Fielding, currently the fan representative on the interim board, will remain an advisor.
“The joint receivers would like to thank the management, staff, all those involved in the running of the club and the loyal fan base who continued to support the club during many challenging years,” the receivers added.
“Today is a momentous day for Blackpool, the club and the fans, who are at the very heart of this community.”
The football club was placed into receivership in February after receiving approval from the High Court.
The joint receivers were then tasked with selling the club and its related assets to settle the outstanding debt Owen Oyston still owes Valeri Belokon.
Cooper told The Gazette on first arriving at Bloomfield Road that the entire sale process would likely take three to four months.
His first job was to get a full picture of the club’s financial position before instructing independent financial services company Hilco Global to assist in the sale and marketing of the club.
He also appointed an interim board to take over the day-to-day running of the club, which spelled the end for Owen Oyston who was officially removed from his role.
This saw thousands of previously boycotting Blackpool fans flood back to Bloomfield Road for the Homecoming clash against Southend United, which drew a crowd of 15,500.
The Oystons were ordered to buy out former director Belokon for £31.27m back in November 2017 after it was found they had illegitimately stripped the club of cash following promotion to the Premier League in 2010.