Owen Oyston (left) and Valeri Belokon (right) have been locked in a bitter legal dispute over money owed to Belokon.

The receiver will be asked discharge the assets of Blackpool Football Club (Properties) Ltd, formerly Segesta Ltd, which owns Blackpool FC, the stadium, the training ground and the Travelodge. A reciever was not appointed in respect to Oyston's property portfolio.

Mr Oyston, who owns 24 properties, including his 20-acre home Quernmore Hall, Lancaster, and has shares in six companies, opposed the application.

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the hearing was told the appointment of the receiver could result in Blackpool FC being docked 12 points by the English Football League. It remains to be seen if this will happen.