Legal proceedings launched against Blackpool Football Club owner Simon Sadler

Blackpool Football Club owner Simon Sadler has appeared in court in Hong Kong to face allegations of insider trading.

Mr Sadler founded the hedge fund, Segantii Capital Management, in 2007 and is its chief investment officer.

Hong Kong’s Securities and Futures Commission (SFC), an independent regulatory body linked to the government, has started criminal proceedings against Segantii, Mr Sadler and former trader Daniel La Rocca.

Documents published by the SFC say it has "has commenced criminal proceedings against Segantii Capital Management Limited (Segantii), its director and chief investment officer Mr Simon Sadler, and former trader Mr Daniel La Rocca for the offence of insider dealing in the shares of a company listed on the Stock Exchange of Hong Kong Limited prior to a block trade in June 2017.

"No plea was taken when the defendants appeared at the Eastern Magistrates’ Court this morning and the case was adjourned to 12 June 2024."

Both men were released pending the next hearing on conditions including bail of $1m Hong Kong dollars for Mr Sadler. The SFC said no further comment would be made now that legal proceedings have commenced.

Simon Sadler was announced as the owner of Blackpool FC in June 2019. He was born and raised in Blackpool, and has been a lifelong fan of the club having watched his first game at Bloomfield Road in 1977 at the age of eight. He held senior roles in finance before setting up an asset management business, Segantii Capital Management, in Hong Kong in 2007.

Blackpool FC is currently involved in two major developments in the town - with permission granted by Wyre Council last month for a new elite training ground between Blackpool and Poulton. The club is also working with Blackpool Council on proposals to build the Revoe Sports Village and replace the East Stand at the Bloomfield Road stadium, which is due to be partly funded by £6.5m from Blackpool's Town Deal.

Blackpool Football Club has been approached for a comment.