Karl Oyston is the son of Blackpool's majority shareholder Owen Oyston

The bankruptcy order made against former Blackpool chairman Karl Oyston has been annulled, the club has stated.

Oyston stepped down as chairman on 18 August, and it later emerged he had been declared bankrupt on that date.

Premier League rules forbid bankrupts from serving as a club chairman or director, however Oyston remained as Blackpool's acting chief executive.

It remains unclear whether the 43-year-old will now return to his previous role at Bloomfield Road.

A club statement said: "Blackpool FC can confirm that, with effect from 1600 BST on Tuesday 12 October 2010, the bankruptcy order dated 18 August 2010 made against former chairman Karl Oyston, has been annulled.

"The annulment order reverses the effect of the bankruptcy order as if it had never been made.

"The club will be making no further comment at this stage."

Oyston, the son of majority shareholder Owen, had pledged to continue as acting chief executive until a replacement was found.

The Premier League, which had asked the club for clarification of his current role, confirmed it is aware of the latest development.

A statement read: "The Premier League has received notification of Karl Oyston's annulment. The Premier League Board will now consider the matter at its earliest convenience."

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