Valeri Belekon is trying to recoup the £25m still owed by the clubs owner Owen Oyston
Blackpool fans are waiting on tender hooks as today's hearing could have huge implications for the football club.
If Mr. Belekon's High Court application is successful, the club will go into receivership meaning Mr. Oyston will have to sell his assets until the money paid.
It's understood that Mr. Belekon's lawyers Clifford Chance have already identified a receiver.
The receiver could be brought in to discharge the assets of both Owen and Karl Oyston as well as Segesta, who own Blackpool FC, their stadium on Bloomfield Road, the training ground as well as the Travelodge and Quernmore Hall.
If approved it would be an unprecedented move in English football and carry a potential threat of a 12-point deduction by the English Football League.
This is because under EFL rules, the appointment of a court receiver is deemed ‘an insolvency event’ in the same way administration is.
The hearing will be heard at the Rolls Building in London in front of Justice Marcus Smith.