Former Blackpool chairman Karl Oyston is involved in a bankruptcy hearing, Lancashire County Court confirmed.
Mr Oyston stepped down as chairman of the Premier League newcomers on Thursday having grown disillusioned with the influence players’ agents have in the Premier League.
And it has now emerged that bankruptcy papers involving the 43-year-old, who will remain at Bloomfield Road as interim chief executive, are being considered by a judge.
If Mr Oyston is declared bankrupt he will not be allowed to be a chairman or director of any club under the Premier League’s “fit and proper person” test.
A spokesman for Blackpool declined to comment on the news.