5 takeovers that destroyed football clubs

#2 Karl Oyston (Blackpool FC)

Karl Oyston(L) has invested the profit in his personal family ventures

Everyone is well aware of a certain Blackpool FC who secured a surprise promotion to the Premier League in 2010. Three years later, Karl Oyston has done things that are quite the antonym of the club's motto - progress.

Karl Oyston has been on the hot seat at Bloomfield Road since 1999. Of course, the club rose to an unexpected level at the start of his stewardship, winning promotions until they played a season in the Premier League.

However, several financial issues have seen Karl Oyston standing at the gunpoint of the Blackpool fans. The English business has invested much of the club's profit in his personal family ventures. When it comes to using the money for player acquisitions in the transfer market, he prefers signing free agents regardless their quality, instead of spending cash.

In July 2014, the financial crisis saw their breaking point when 27 players left the club due to salary issues. Still, that failed to bother Oyston, who termed the juncture as a blessing in disguise.

"There is no panic. In fact, I see it as a benefit. It allows the manager to bring in his own team, as opposed to picking up a squad that is already overloaded and he doesn't think is good enough," Oyston stated, following the mass exodus of players.

Oyston's relationship with the fans deteriorated after he unceremoniously removed the statue of Stan Mortensen, a club legend and the only player to net a hattrick in an FA Cup final (1954). In the aftermath that followed, the supporters protested against the owner in a game against Huddersfield at halftime, compelling the referee to abandon the game.

Conditions have seen no improvement ever since, with Blackpool currently plying their trade in the fourth-tier after continuous relegations.