Portsmouth Football Club manager Harry Redknapp was one of five men arrested by detectives investigating corruption in the sport.
The club's chief executive, Peter Storrie, was also arrested during the series of raids across the UK, a spokesman said.
Leicester City chairman Milan Mandaric, Rangers midfielder Amdy Faye and football agent Willie McKay were also arrested, it has been widely reported.
City of London Police interviewed the men after arresting them on suspicion of conspiracy to defraud and false accounting.
Up to 60 officers were involved in searches at eight addresses at locations across the UK.
Redknapp later said he believed his release from Chichester police station was "the end of it" after being questioned by police.
Redknapp spoke as he returned to his multi-million pound home at Sandbanks, Poole, Dorset.
He said: "We all helped the police with their enquiries, but it doesn't directly concern me, it's other people involved. I've been answering questions to help the police. I am not directly concerned with their enquiries."
Redknapp confirmed that he had been arrested and said: "They have to arrest you to talk to you, for you to be in the police station. I think that's the end of it, it didn't directly concern me."
Redknapp confirmed that as well as himself, Milan Mandaric and Peter Storrie were also arrested.
