Valeri Belokon has begun legal enforcement against the Oystons by sending bailiffs to Blackpool’s Bloomfield Road stadium.
Two vans, four bailiffs and representatives from Belokon's lawyers Clifford Chance were situated outside the Blackpool Football Club Hotel, where Owen Oyston's offices are based.
His penthouse is also situated in the same area of the stadium as is Denwis Limited, an Oyston-owned company whose principal business activity is described as the ‘letting and operating of own or leased real estate'.
The bailiffs departed Bloomfield Road at around 1.45pm and headed towards Oyston-owned Quernmore Hall.
Owen Oyston was ordered to immediately pay up the £25m he still owes Belokon after missing January’s deadline to pay his second installment of £10m.
Justice Marcus Smith made it clear that should the money not be forthcoming, Oyston would face the consequences of enforcement action being taken to make him sell his assets.
It is believed Oyston failed to meet a 5pm deadline last Friday and enforcement is now underway.
In court last month it was found Oyston had failed to progress the sale of assets, which had prejudiced Mr Belokon, and the Court of Appeal had now dismissed his application to overturn the original court judgement from last November.
The Oystons were ordered to buy out former director Belokon for £31.27m back in November after it was found they had illegitimately stripped the club of cash following promotion to the Premier League in 2010.
The judge found Belokon had been unfairly prejudiced and the club was put up for sale four days later.
Valeri Belokon declined to comment when approached by The Gazette, but his representatives wanted to make it clear this enforcement is against Owen Oyston as an individual and not the football club.
In a statement, Belokon's advisers at Clifford Chance said: "We can confirm that our client is continuing to take steps to enforce the payment of the judgment debt that is owed to him by Owen Oyston, Karl Oyston and Blackpool Football (Properties) Limited.
"Mr Belokon emphasises that the actions being taken by bailiffs in Blackpool are not directed at Blackpool Football Club Limited or the football related assets.
"Mr Belokon continues to have the interests of the club at heart."