Blackpool/Oystons

[47er]

"Oystons ordered to buy out Blackpool shareholder for £31m after losing court battle"

Very interesting Guardian article. In summary Oystons have to pay millions in compensation to another major share-holder for loss of value in his shares after relegation from Premier League.

Judge's verdict--------damage caused by asset-stripping i.e. sale of best players.

Illustrates that while their behaviour was not illegal and couldn't attract criminal charges and penalties, it was prejudicial to the interests of another and therefore was contestable in a civil court and big damages were applied.

Edited November 6, 2017 by 47er
typo

[Vinjay]

OK but assuming you're trying to compare to Venkys who has a case against them like Belokon? That's a rhetorical question. Not sure what the exact fortune of the Oystons is (cash rich and asset rich different things but even the latter) but what we do know is the club hadn't seen any of that money. Does it really change anything as far as the fans are concerned other than the risk that the Oystons may become even more spiteful? Not sure they would sell to Belokon either. Remember Venkys were involved in a lawsuit against Kentaro, etc so presumably that's gone as far as it will go and was more for their own benefit. None of the trustees should ever be allowed to act in that capacity again and those who took legal action against them only cared about their own selfish interests.Ironic too considering the obvious influence they had over them. Much like the Oystons really. I wanted Graham Jones to mention trustee law reforms in parliament but he was only really interested in the FA, fit and proper, etc.

Edited December 4 by Vinjay

[RevidgeBlue]

7 hours ago, 47er said:

"Oystons ordered to buy out Blackpool shareholder for £31m after losing court battle"

Very interesting Guardian article. In summary Oystons have to pay millions in compensation to another major share-holder for loss of value in his shares after relegation from Premier League.

Judge's verdict--------damage caused by asset-stripping i.e. sale of best players.

Illustrates that while their behaviour was not illegal and couldn't attract criminal charges and penalties, it was prejudicial to the interests of another and therefore was contestable in a civil court and big damages were applied.

It would appear that the Oystons clearly siphoned off huge amounts of money from the Club into their own businesses Whilst our fortunes have declined, nothing like that would appear to have happened here.

It's a pity though there wasn't another major shareholder about with plenty of money who could have taken the Walker Trust to task for not acting in their fiduciary capacity as Trustees when they first cut off funding from the Club then secondly a few years later sold the Club to owners without any previous experience of running a sports franchise.

Hypothetically that would have been very interesting.

[tomphil]

I don't know if syphon is the right term for Oyston i think at one point they just wrote themselves a cheque for 11 million from the tv money or something so it was blatant thieving.

Syphoning is a bit more complex, hard to prove, has a variety of ways it could be applied and there is no evidence to say it doesn't go on at other clubs. 

Sheer arrogance has undone Oyston, not for the first time.

[arbitro]

Horrible people who have got their comeuppance. The feeling of Blackpool fans this morning will be one of euphoria and give them a boost.

I'm feeling envious.

[den]

3 hours ago, RevidgeBlue said:

It would appear that the Oystons clearly siphoned off huge amounts of money from the Club into their own businesses Whilst our fortunes have declined, nothing like that would appear to have happened here.

 

I think the Oystons argue that they have simply reclaimed money they previously “invested” into the club. So are we sure Venkys haven’t already taken out money, or could do so in future? That wouldn’t make them any different would it.

however, Venkys don’t have any co shareholders, so it’s different in that way.

[davulsukur]

40 minutes ago, arbitro said:

Horrible people who have got their comeuppance. The feeling of Blackpool fans this morning will be one of euphoria and give them a boost.

I'm feeling envious.

Surely (although it looks unlikely any time soon) our day will come at some point?

[blueboy3333]

https://www.theguardian.com/football/2017/nov/06/oystons-blackpool-ordered-pay-shareholder-high-court-valeri-belokon

They nicked £27m of the clubs Prem TV money for their own personal use and cut large shareholder Belekon out of the deal, yet the EFL decided to ban Belekon from being a director of 'Pool based on him not turning up to some kangaroo court in Kyrgyzstan.  Ladies and gentlemen, I give you the governing bodies of English football...

[Vinjay]

31 minutes ago, den said:

I think the Oystons argue that they have simply reclaimed money they previously “invested” into the club. So are we sure Venkys haven’t already taken out money, or could do so in future? That wouldn’t make them any different would it.

however, Venkys don’t have any co shareholders, so it’s different in that way.

Aside from the shareholders in their core business of course (do the Oystons have shareholders in their other businesses could open them to more lawsuits?) and I think attempts were made to have them bring up Rovers (and their UK reputation which presumably is why Venkys Xprs UK was folded) at one of their AGMs. Problem is they have referred to the investment in Rovers as private family funds.

Did anyone get round to purchasing shares? I'm sure there was talk of that and showing up at one of their AGMs. Of course there's been a lot of talk about going to Pune but it hasn't progressed beyond that.

[Dreams of 1995]

48 minutes ago, blueboy3333 said:

https://www.theguardian.com/football/2017/nov/06/oystons-blackpool-ordered-pay-shareholder-high-court-valeri-belokon

They nicked £27m of the clubs Prem TV money for their own personal use and cut large shareholder Belekon out of the deal, yet the EFL decided to ban Belekon from being a director of 'Pool based on him not turning up to some kangaroo court in Kyrgyzstan.  Ladies and gentlemen, I give you the governing bodies of English football...

Somebody always seem to owe somebody a favour in the notorious "Old Boys Club". The FA & the EFL have been letting down supporters for years. They are never far from controversy. It's just another case to pile onto the already huge pile of evidence that shows neither bodies actually care about the fans. It's all about revenue, balancing them spreadsheets, some nice lavish company expenses and the occasional dinner party invitation to butter them up.

I have heard from somebody that works on one of Oyston's estates (I know, another one of them "I know the dog sitters mother" stories..) that Oyston won't sell Blackpool regardless of the pressure because of the amount of money he makes from owning them. This despite all conceived notions they are skint.

It will be no different in our case. Business people/entrepreneurs don't hang on to dogs unless there is a benefit to themselves.

 

[arbitro]

Barton wants his money back too.

http://www.bbc.co.uk/sport/football/41897782

 

[J*B]

49 minutes ago, arbitro said:

Barton wants his money back too.

http://www.bbc.co.uk/sport/football/41897782

 

Looks like their entire world is crumbling around them. Shame.

[blueboy3333]

Barton and a few fans settled out of court. Not sure how easy it would be to get their money back? Barton can afford £20k anyway, it's the fans who were sued who should be reimbursed. Hopefully someone will fund them taking the Oyston's to court. Belekon funding them with the money he won off the Oystons would be brilliant

[Dreams of 1995]

25 minutes ago, blueboy3333 said:

Barton and a few fans settled out of court. Not sure how easy it would be to get their money back? Barton can afford £20k anyway, it's the fans who were sued who should be reimbursed. Hopefully someone will fund them taking the Oyston's to court. Belekon funding them with the money he won off the Oystons would be brilliant

EDIT: Saw you said fans that were sued.

I'm sure if Barton can get his money back so should they, including legal fees.

Really, though, there is case for a campaign to bar him from owning a football club and forcing through a sale (maybe to Belekon?) as he clearly isn't "fit and proper" to be running a club.

I'm sure someone more clued up on the law can clarify more on this. It's just the way I see it.

[blueboy3333]

Just now, Dreams of 1995 said:

It would be hard for the fans to fight a case for financial compensation. Ultimately they don't own any of the club, except possibly the fans that may hold nominal shares, so aren't exactly out of pocket through Oyston's actions. What he did to them fans was morally reprehensible but he definitely can't be held accountable financially to them.

Really, though, there is case for a campaign to bar him from owning a football club and forcing through a sale (maybe to Belekon?) as he clearly isn't "fit and proper" to be running a club.

I'm sure someone more clued up on the law can clarify more on this. It's just the way I see it.

I'm talking more about the fans the Oystons sued for posts made on forums (I think I have that right?) and who they sued for defamation (?). If they too called The O's 'asset-strippers' or similar and were sued for it then they too would possibly have a case against 'O' just like Barton.

[Dreams of 1995]

1 minute ago, blueboy3333 said:

I'm talking more about the fans the Oystons sued for posts made on forums (I think I have that right?) and who they sued for defamation (?). If they too called The O's 'asset-strippers' or similar and were sued for it then they too would possibly have a case against 'O' just like Barton.

Yeah I edited the post. I misread it.

I hope they do get their money back. Having had the unfortunate pleasure of meeting, and dealing with, Oyston I sincerely hope his world comes crashing down him and he's forced to pay back every penny he's took from the fans & club and any of his other business interests quickly fizzle up and fade out.

The man is pure evil.

[Mercer]

3 hours ago, arbitro said:

 

 

3 hours ago, arbitro said:

Horrible people who have got their comeuppance. The feeling of Blackpool fans this morning will be one of euphoria and give them a boost.

I'm feeling envious.

If I was a Blackpool fan, I would hardly be feeling euphoric this morning. 

Think this could all get really nasty and I am not sure where the football club will end up.

Edited November 7, 2017 by Mercer

[arbitro]

22 minutes ago, Mercer said:

 

If I was a Blackpool fan, I would hardly be feeling euphoric this morning. 

Think this could all get really nasty and I am not sure where the football club will end up.

You may well be right in the long run but seeing the Oystons publicly vilified with no right of appeal would certainly please me if I was a fan.

[lraC]

Owen Oyston, put a statement out a couple of years ago, denying any wrong doing and suggesting he was  investing heavily in the club. Platitudes from owners like this, when all the fans see, is the team sinking deeper and deeper, never has and never will make any sense. I think the spiel given at the last Bi annual meeting at Ewood, was in a similar vane. Don't worry everyone, things are on track.

http://www.opnlttr.com/letter/owen-oyston’s-open-letter-blackpool-fans

[JHRover]

The resident clowns at the 'EFL' will be worried about this development. Not because of the shadow it casts on the English game but because it might mean they have to actually do something about the ongoing ownership issues at numerous clubs when until now their preference has been to shrug their shoulders, put their fingers in their ears and pretend nothing is wrong whilst prostituting the Football League around the world to the highest bidders.

Quite happy to pander to Pep Guardiola and issue pointless media statements when he moans about the type of ball used in the cup but very quiet about dodgy owners at Blackpool, Rovers, Coventry and Charlton dragging them towards rack and ruin.

Quite happy to make a mockery of the League Cup by renaming it, selling it to a Far East energy drink and making a laughing stock out of the draws, not so cocky when one of their member clubs owners end up in the High Court.

[Norbert Rassragr]

Sadly nowt will happen. The 'good chaps' at the various bodies will all meet up and coordinate a plan where they don't have to actually do anything and it will all be quiet. After all, what do they care about 3rd or 4th tier clubs? They're not on telly around the world.

[den9112]

Brilliant.....Funny but also very sad at the same time.

[Skiptonrover]

I think there'll ride it out as there did with the BHS & all that got hushed up eventually. Not a marriage made in heaven but somehow it works in a weird perverse way don't see much changing not longterm.

[Vinjay]

Did anyone get round to purchasing shares in Venkys India or not?

[Skiptonrover]

I did, cashed in for a chicken jalfrezi & 4 tandoori roti oh yeah got some pilau rice thrown in as well.