Three top-level football clubs were at the centre of a police probe into alleged corruption tonight.
Search warrants were executed at the home grounds of clubs Newcastle United, Portsmouth and Glasgow Rangers.
The investigation is being led by detectives from City of London Police's specialist economic crime unit.
Officers also raided the homes of two individuals, but their identity or location is not yet known.
Various authorities have been probing claims of bungs and bribes at the heart of football for several years.
Lord Stevens is leading an ongoing inquiry by his company Quest into several hundred Premier League transfers.
But City of London Police said their inquiry, targeting "corruption in football and its impact on owners and shareholders'', is independent of any other.
Last month officers arrested a 61-year-old man in Manchester on suspicion of money laundering.
Newcastle issued a statement denying that ``the club itself'' is the target of the police investigation.
A spokesman said: ``If the investigation by the City of London Police, or the ongoing internal review of operations by the club's new owners, show that the club has been the victim of any criminal activity, the club will take appropriate action.''
Spokesmen for Rangers and Portsmouth confirmed staff co-operated with police during their search.
A City of London Police spokeswoman said: ``We can confirm that search warrants were served at three football clubs and the homes of two individuals in connection with corruption in football and its impact on owners and shareholders.
"This investigation is a totally independent inquiry. It has not been influenced or informed by the Quest inquiry in any way.
"As this is a live investigation, it would be inappropriate to comment further at this stage.''
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