Date: 12th October 2010 at 7:29pm
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Blackpool Chief Executive Karl Oyston has had his bankruptcy annulled.

It was reported that Oyston – who has been the figurehead behind the Seasiders’ financial planning for the last decade – switched roles from the chairmanship because of the case. The Premier League forbid anyone who has been declared bankrupt from being chairman or a director.

He has been praised in media circles for the handling of contracts after promotion to the Premiership. Ian Holloway isn’t allowed a new signing on a contract over £10,000-a-week with the club desperate not to fall into the trap Portsmouth and Hull City.

An official statement from Bloomfield Road reads: ‘Blackpool Football Club can confirm that, with effect from 4pm on Tuesday 12 October 2010, the bankruptcy order dated 18 August 2010 made against the former chairman of the club, Karl Oyston, has been annulled.

‘The annulment order reverses the effect of the bankruptcy order as if it had never been made.’

Premier League officials have noted that they are aware of the developments and released this statement in reaction to the news: ‘The Premier League has received notification of Karl Oyston’s annulment. The Premier League Board will now consider the matter at its earliest convenience.’