Former Portsmouth chairman Milan Mandaric has been charged with cheating the public revenue after it was revealed in late December that he would face legal action.
The current Leicester chief had claimed to be "astounded and dismayed" by the charges and strenuously denied the allegations by HM Revenue and Customs, which go back to his time at Fratton Park from 1998 to 2006.
A statement from the Crown Prosecution Service read: ''Milan Mandaric, the former chairman of Portsmouth City Football Club, has today been charged with two counts of cheating the public revenue following a decision by the CPS Revenue and Customs Division.
''Following a thorough investigation by HM Revenue & Customs and the City of London Police, the CPS decided there was sufficient evidence and it was in the public interest to charge Mr Mandaric with two counts of cheating the public revenue.
''The charges are in relation to the payment of $295,000 from Mr Mandaric to another via a bank account in Monaco, evading the tax and national insurance contributions due between 1 April 2002 and 28 November 2007. Mr Mandaric will appear at the City of Westminster Magistrates' Court on 11 February.''