Date:Friday May 19 2006
The deal has taken some time to be completed but news this afternoon confirmed that a deal for around 4.5 - 5 million pounds has been agreed with Belokon becoming the first ever president of the club. So what else does he own, Toronto Pool has had a little look into the Belokon empire.
He owns two companies involving finance, The Baltic International Bank being the most well known. Established in 1993, it offers classic individual service to it's customers.
Mr. Belokon again owns two companies in the food industry, Kimmel Riga is one of the oldest breweries in Latvia, it began in 1815. His holdings also own Brivais Vilnis, a fish-processing enterprise.
Belokon Holdings owns three companies in the Latvian media. TV5, a television channel (where Blackpool FC highlights have been shown), Telegraf, the Latvian equivalent of The Telegraph! His holdings also have their own publishing house.
They have interests in two service providing companies, a travel agent, WTS, and an insurance company called Baltic Insurance House.
The Riga Golf School and Baltic Institute of Strategic Studies are both owned by Belokon Holdings, providing very much different services on the social side of Latvia.
So as you can see, the new man at BFC has a lot of assets, showing how much money he actually possesses, and how much he could actually put into the club, without dinting his bank account. Any money put in though, he would need something back.
Well, he will, I'm sure, be advertising in England, especially his brewery, with possibly wanting to have the advertising rights to the stadium or the kit. That, coupled with getting promotion to the Premiership (we hope!), would mean that he'll more than get his moneys worth.
But we have to remember Belokon is no Aabramovich who can throw money away, he's said that himself. All enterprises that Belokon invests into must comply with companies strategies. The interesting one being strategies number 8.
"potential to generate positive cash flow no later than 3 years after acquisition".
So he'll be looking to make some money back from his investment too.
Date:Friday May 19 2006
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