Joey Barton settled out of court with Blackpool’s owners, the Oyston family, to the tune of five figures after admitting wrongly labelling them asset strippers.

The former England midfielder made the remarks on BBC Radio 5Live last season while still at Queens Park Rangers in the Premier League.

Blackpool chairman Karl Oyston sanctioned a legal letter to Barton claiming defamation, to which Sportsmail understands the 33-year-old paid five-figure compensation after issuing an apology.

Joey Barton has settled his dispute with the Oyston family over comments he made on BBC Radio 5Live

Barton, who made the comments when he was a QPR player, accused the owners of 'asset stripping'

Karl Oyston had confirmed that the club had taken action ‘against 5Live for comments made by a player'

Barton, now at Burnley, used Oyston as a comparison to Mike Ashley during a debate about Newcastle United in March.

He said: ‘Do you know what the [Newcastle] situation reminds me an awful lot of? It reminds me of Blackpool, what Oyston’s done at Blackpool where he’s asset-stripped them.

‘Obviously I’m aware it’s not that far down the line but that’s what he did. The club ran at a massive profit, got to the Premier League, he took all the money out the club and stopped investing in players.

‘Mike is a more savvy businessman than that. He’s dead set on keeping them in the Premier League.’

Barton, Blackpool, Burnley and the BBC all offered no comment when contacted.

Barton had compared Mike Ashley at Newcastle to the Blackpool owners to while speaking on the radio

Barton, now of Burnley has settled out of court after the club's owners went on the offensive this year

Oyston and his father, convicted rapist Owen, have gone on the offensive this year after scores of allegations have surfaced online about their stewardship of the Seasiders. They are currently marooned in the bottom half of League One.

Owen Oyston paid himself £11million on the back of one top-flight season in 2010-11, money he claims he was owed for previous finances injected into the club. Karl had previously stated the transaction was for tax purposes. Blackpool have also loaned millions to Oyston-owned companies.

Owen Oyston paid himself £11million on the back of one top-flight season for the club in 2010-11

The minutes of a meeting with cherry-picked supporters coined the ‘Fans’ Progress Group’ were published on the club’s website yesterday where Karl Oyston confirmed action ‘against 5Live for comments made by a Premier League player had finished following an apology from the player’.

At least eight cases against individual fans have been issued - including the £20,000 one pensioner had to compensate them for allegations made on his private Facebook page. Football fans up and down the country pitched in to fund his damages.