Valery Belokon became the Club's first ever overseas President in 2006, it was first announced that the Latvian tycoon would become President in May 2006 when a delegation of journalists and representatives from the club were invited to the Latvian Capital of Riga to meet Mr Belokon. A month later after a meeting of the club's shareholders the Latvian businessman, who,  through his Holding Company Belokon Holdings and VB Football Assets, became Club President taking a 20% stake in the club in the process,

Belokon studied at the University of Massachusetts and the University of Latvia and has an option to purchase a further 30% of the club off the Oyston family who are now one of the longest serving families in English Football.

On becoming President Belokon told the press, "I feel very proud to be the President of such a wonderful football club with such a prestigious history and tradition.It is my firm ambition to see Blackpool Football Club in the Premier League, which is why I will invest heavily in the Club.I wish to make a total commitment to Blackpool Football Club and I am confident that we will achieve promotion to the Championship and eventually play in the Premier League."

Belokon's investment into the club has never been revealed but it is understood to be  "substantial" amount of money which was to be used, predominately for team strengthening.

Belokon's investment had immediate affect with the Seasiders gaining promotion to the Championship for the first time in 29 years. Many people scoffed at his ambition for the Seasiders to be in the Premier League within five seasons, but with promotion at the first attempt and the potential of further funds to be made available, who knows what will happen!