A Blackpool supporter has agreed to pay £20,000 in damages after he made allegations on Facebook about the Oyston family.
Frank Knight, 67, was reportedly threatened with legal action after making comments about chairman Karl Oyston and Blackpool owner Owen Oyston on social media last year.
Knight confirmed via his Facebook page this week that he held talks with the Oyston family regarding his remarks and has agreed to pay a five-figure sum in order to prevent the issue from becoming a court matter.
He wrote: "I now regret making these allegations, I fully accept that they are false and I wish to sincerely apologise for them and also for the harm, distress and financial losses my comments have caused both BFC and the Oystons and I wish to unreservedly withdraw them.
"I accept that my publication of the allegations on Facebook and in a manner which is readily accessible to users constitutes a very serious libel. It has injured the reputation of the Oystons and has caused them considerable embarrassment and distress.
"After a frank discussion with the Oystons, I acknowledge that they are both genuine fans of BFC and they and their families have only the best interests of BFC at heart. I recognise that BFC is now in a significantly healthier situation than when the Oyston family first became involved in it."
In response to Knight's post, fellow Facebook users rallied around him, with one person writing, "disgusting and sickened by this keep your head held high xxx", while another wrote: "I am sickened and finished with Blackpool FC."
The Seasiders were relegated to League One from the Championship on April 6.
