Harry Redknapp and Milan Mandaric have been found not guilty on two charges of tax evasion.
The jury at Southwark Crown Court have made a unanimous decision to clear the former Portsmouth manager and chairman of two charges of cheating the public revenue on the second day of deliberations.
After a two-week trial the 12-person jury came to the conclusion that two separate payments of approximately £100,000 paid into a Monaco bank account under the name of Redknapp in 2002 and 2004 were not in a bid to avoid paying tax.
The Tottenham Hotspur manager and Mandaric's defence was that the offshore account was used as an investment project regarding shares in America, which would be exempt of tax.
Controversy surrounding the purpose of the account came to light after a journalist for the News of the World questioned Redknapp over the payments. The 64-year-old stated that the money was paid into the Monaco account by Mandaric as a bonus for the sale of Peter Crouch.
Redknapp and the Sheffield Wednesday chairman embraced when the not guilty verdicts were read out.
