The five man consortium took over Derby County in October 2003 after paying the receivers £3 with the promise of £15m backing from a Panama based corporation with three became Directors.
The Derby Evening Telegraph alledges that "five men have since been arrested as part of a Derbyshire police investigation into alleged financial irregularities at the club during that time. The inquiry relates to allegations regarding the 2003 takeover and the men have all been bailed while police continue to look into the matter."
Derby's new Chairman Peter Gadsby, took over last year and announced that the Pride Park based club's debt had risen to £52m and it had come within hours of going into administration.
There are also a number of rumours that Arena Coventry Limited had tabled a bid for the Sky Blues but withdrew it last week.
ACL who run the Ricoh Arena, have been accused by not acting in the best interests of their major tennants in the past and have also been accused of trying to put the club into administration, something Paul Fletcher promised would not happen.