Blackpool's president has begun legal action against the owners over apparent missing money from the club's account.

Latvian Valeri Belokon, who owns a 20% share in the Lancashire club, claims that Karl and Owen Oyston have improperly transferred cash sums to their own companies.

Belokon launched the action via his company VB Football Assets on Tuesday. He has also issued proceedings against the Oystons' company Segesta Ltd, concerning an investment it made in July 2008.

He bought shares in the Tangerines in 2006 and oversaw the rise that culminated in promotion to the Premier League in 2010. The club has since suffered two relegations, though, and are currently struggling in League One.