Story taken from Exeter Echo and Express: Police made three arrests today after launching an inquiry into alleged financial irregularities at Exeter City Football Club. Fraud squad officers from the Devon and Cornwall force executed a warrant at a private address in Swansea in connection with the investigation this morning. Twenty officers, including a team from the Fraud Squad and the high-tech crime unit, also executed warrants at private addresses in Exeter this morning, and carried out a search at the football club's offices at St James's Park.
Two people, a middle-aged man and woman, were arrested at the club. A second man was arrested at a private address in the city.
All three are expected to be taken to Heavitree Road police station for questioning.
Police were revealing few details of the case this morning but did confirm that a probe - codenamed Operation Roe - into the football club's financial position was under way after several days of planning.
Inspector Richard Baker, second in command at Exeter Police, said: "Three people have been arrested as part of an inquiry by the fraud squad and local officers in respect of allegations of financial impropriety at Exeter City Football Club.
"Searches have been undertaken at the club and at private addresses in Exeter and Swansea. Those inquiries will continue throughout the day. The people arrested will be interviewed at a later stage."
He confirmed that items would be removed from the premises if necessary but he refused to name the people involved.
City are crippled with debts estimated to be £2 million.
Chairman John Russell and vice-chairman Mike Lewis announced this week that they had called in accountants to study options open to them after an FA audit described the Grecians' financial position as "perilous".
They admitted that they may have to consider seeking a voluntary agreement with creditors over the debts.
It follows a devastating season for the club which has seen them relegated to the Nationwide Conference a year before they were due to celebrate their centenary.
Russell, a previous chairman of Scarborough Football Club and Lewis, a former managing director at Swansea City FC, took control in Exeter a year ago.
Five former directors recently quit the club after a boardroom row.
And celebrity Uri Geller, who was due to join the club board, also severed his links with Russell and Lewis last week after a dispute.
Well, well, well, it looks like everythings gone pear-shaped for old Mikey doesn't it? In our opinion, it couldn't have happened to a nicer guy!!! We'll be following this story with interest and i'm sure that there'll be no shortage of people connected to Swansea City Football Club, who'll be more than willing to help the Fraud Squad with their enquiries.
I think it's time for a stiff drink Mike, watch you don't drop the soap matey!!!
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