Valeri Belokon hopes receivership will herald 'new chapter' in history of Blackpool FC

It follows Justice Marcus Smith's decision to approve Belokon's bid to appoint a receiver to force Blackpool FC owner Owen Oyston to pay the £25m he still owes.

It essentially means Oyston has lost control of the football club.

A spokesperson for Belokon's legal team Clifford Chance said: "A Clifford Chance team led by litigation partner Chris Yates today secured the appointment of an equitable receiver over Blackpool Football Club and related assets.

"We are very pleased to secure this further victory for our client, VB Football Assets, in this long running dispute.

"The application was a ground-breaking one in the football industry, with the judge confirming that it was in the interests of justice for the appointment to be made.

"It potentially marks a watershed moment for Blackpool Football Club and its loyal fanbase.

"On behalf of VB Football Assets, Mr Belokon expresses his hope that this will herald a new chapter in the proud history of a prestigious club."