Douglas Alexander, who owns Balado Park, is to seek £8.5 million in compensation from the oil firm.
He says the reason T in the Park was moved was due to BP's Forties Pipeline, which runs near the site.
Earlier this year, the Scottish Health and Safety Executive raised concerns over 85,000 revellers being near a potential hazard.
Promoters DF Concerts confirmed they would move the event to Strathallan Castle from 2015.
BP claims there are other reasons for the need to move the festival, and argued that the promoters failed to seek new planning consent.
Local MP Gordon Banks said: "BP needs to step up to the mark and end the matter before it goes to court."