Blackpool have been put into receivership by the High Court, forcing owner Owen Oyston to pay ex-director Valeri Belokon the £25m he is owed.
The ruling could pave the way for a takeover, but the English Football League must now decide whether to dock the League One club 12 points.
There are thought to be two groups interested in buying the club, one of which is fronted by Paul Stewart, the former England and Blackpool player.
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