Blackpool tie deal with Latvian

Latvian millionaire Valeri Belokon has concluded a deal to buy shares in Blackpool Football Club following talks with club owners.

Belokon announced on Monday that he would invest a substantial sum of money, believed to be £5m, into the League One club.

"I've been involved in deals around the world, but this is different," he told BBC Radio Lancashire.

"It's a really big deal. I feel I have started something new in my life."

Belokon holdings will receive shares to be approved in an extraordinary general meeting on 19 June.

Belokon wants to be club president, with chairman Karl Oyston remaining in his role.

His company's interests include a bank, brewery, newspaper, TV station, fish processing, a travel agency, the Baltic Institute of Strategic Studies and a golf school.