Owen Oyston offers Blackpool to former club president Valeri Belokon
Owen Oyston has taken his first steps to finally relinquishing control of Blackpool by offering the club to Valeri Belokon, Sportsmail can reveal.
Belokon, the former club president, is still owed in the region of £25million after an ugly lawsuit for 'unfair prejudice' following years of acrimony as a result of their one season in the Premier League.
Oyston faces selling off countless family assets in a bid to stump up the cash while simultaneously signing for a loan at an eye-watering interest rate.
Owen Oyston (L) has offered Blackpool to Valeri Belokon as he finally starts to relinquish power
The 84-year-old has privately admitted he must sell Blackpool and, as a way of forgoing paying the outstanding £25m, offered to walk away for free.
His proposal included Bloomfield Road, the club hotel and the dilapidated training ground at Squires Gate.
Belokon, the Latvian banker who is working with the EFL to overturn a director disqualification, has eyes on taking over but Sportsmail understands Oyston's offer is not deemed good enough.
Oyston has admitted he must sell Blackpool and has even offered to walk away for free
Belokon, the former club president, is still owed in the region of £25million and wants a portion
It's believed he is looking for a portion of the remaining £25m as well as ownership by way of payment. Sources close to Belokon claimed they have twice rejected the offer verbally through their lawyers.
Bitterness has reigned within Blackpool since Belokon was awarded £31.27m back in November, a day the Oyston family were adjudged to have 'illegitimately stripped' the Seasiders.
Karl Oyston was axed as chairman and then went on to pen a letter to the EFL declaring his father, Owen, 'not fit and proper' to run the club. The pair are no longer on speaking terms. The EFL are meeting Blackpool supporters on Tuesday night to discuss concerns over football governance.