Former Olympic rower Alexander Story is taking the Conservative Party to court after it passed him over for a potentially vacant seat on the European Parliament.

Mr Story has issued a High Court writ claiming that Tory bigwigs showed “gross disrespect” to party members in handing the opportunity to someone else.

The row follows the elevation of Yorkshire and Humber MEP Timothy Kirkhope to the peerage in David Cameron’s resignation honours list.

Lord Kirkhope, Mr Story says, is “likely” to resign as an MEP to take up his seat in the House of Lords, creating a vacancy in Brussels.

And the financier, who rowed for Great Britain at the Atlanta Olympics, insists that if the vacancy arises, the seat must be his.

He has in the past stood three times as a Conservative Parliamentary candidate in tough constituencies and says his treatment is poor reward for his loyalty.

The top financier was democratically selected by party members in the region to stand in the European Parliamentary elections in 2015.

He was the second candidate named on the regional list but Nicholas Kirkham, who was top of the list, was the only Tory to win a seat.

In a region with an electorate of five million, Mr Story says he came within about 10,000 votes of victory, narrowly losing out to UKIP’s Mike Hookem.

But, after Lord Kirkhope got his peerage, the party jumped over Mr Story and filled the potential vacancy with the third candidate on the list, John Procter.

Now Mr Story is suing Tory chairman Patrick McLoughlin claiming the party was “obliged” to certify him as the one to step into Lord Kirkham’s shoes.

Preferring Mr Procter over his head was “irregular, unfair and irrational and so unlawful”, his lawyers claim in a writ issued at London’s High Court.

The party, however, insists it did not unfairly “favour” Mr Procter and points out that Mr Story’s name does not appear on the latest approved candidates’ list.

In the writ, his lawyers accuse the party of showing “gross disrespect” for the local party members who selected him for and electors who voted for him.

Passing over Mr Story gave the views of party supremos priority over the wishes of “a regional membership of many thousands”, they claim.

They add that Mr Procter was only placed on the approved list after Lord Kirkham’s elevation in view of the peer’s “likely resignation” as an MEP.

Mr Story’s treatment, they say, was inconsistent with the party’s past decisions to allow disaffected UKIP MEPs to move to the Conservatives.

The writ states: “Mr Story claims damages for economic loss arising out of his inability to be returned as an MEP for the region and for loss of the enjoyment and responsibility of exercising political office.”

As a “loyal party member”, Mr Story has limited his financial claim to £100 “nominal damages” – but if granted a judicial declaration that his treatment was irrational and unlawful it would be a huge embarrassment to the party.