ONE of Russia's youngest millionaires is the shock new owner of Blackpool car firm TVR.

Nikolai Smolenski, 23, was announced as the luxury sports car maker's new owner on Tuesday after completing a deal with former owner, Peter Wheeler.

Mr Smolenski is the son of one of Russia's most famous tycoons of the 1990s, Alexander Smolenski, a controversial banker with a fortune estimated at $250 million.

Nikolai Smolenski's wealth is put at $100 million by Finan's magazine, which dubbed him 'Russia's youngest Ruble billionaire.'

TVR's future has been the subject of months of speculation, with the Citizen first reporting in May that Mr Wheeler was considering selling the firm, with speculation centring on American investors.

In a statement released by the firm on Tuesday, Mr Smolenski said: "I am very enthusiastic about the potential of TVR and am grateful for the opportunity to become a car manufacturer."

"I have always been a fan of British car manufacturing and believe that the best automotive designers and engineers are in this country."

He has pledged to invest heavily in new technology and production methods and 'enhance the TVR brand to become a global player.'

Little is known about Mr Smolenski's business career, except that he is a former chairman of the Pervoye OVK bank, which has since been sold.

His father became a controversial figure as one of the 'oligarchs' who controlled much of the Russian economy in the 1990s, along with the likes of Chelsea FC owner, Roman Abramovich.

Alexander Smolenski was a key supporter of former president Boris Yeltsin's 1996 re-election campaign before his bank, SBS Agro, collapsed in 1998 during Russia's financial crisis.

Founded by Trevor Wilkinson in 1947, the Bispham based firm has around 400 employees, most of them at its Bristol Avenue headquarters. Yorkshire-based Mr Wheeler has run the firm for 23 years.

Mr Wheeler, who will stay on as a consultant, said in the TVR statement: "It's been a fascinating time and I shall be very sad when I eventually leave.

"However, it's time to hand the reins over to a younger man and I look forward to helping him with his exciting plans."

TVR has not revealed how much Mr Smolenski paid for this firm, but reports place the figure at £15 million.