“I have no problem investing further in Blackpool Football Club,” Belokon told BBC Radio Lancashire.

“This was always part of the long-term plan we talked about when I first got involved with the club.”

“There has been a change of emphasis as the club’s policy has always been not to put revenue at risk by developing the stadium,” said chairman Karl Oyston.

“We always tried to obtain property income first to enable us to develop.

“That has not been as easy to achieve as we first hoped. But now with the investment from Mr Belokon and my father (Owen Oyston) we can go forward with this joint venture, albeit with their money at risk, and we can now wait to get a tenant in place further down the line.”

“They (Belokon and Oyston senior) are slightly at risk and in the current financial climate that may seem an odd thing to do but I feel it’s admirable that they are willing to risk this to get us across the line and get on with the building of the South Stand.”

Belokon added: “This will be a 50-50 partnership with the Oyston family and that is as it should be to move this club forward and shows great strength from within.”