Three of Derby County Football Club's former directors have been in court charged with fraud.
None of the defendants entered a plea
Ex-chief executive Jeremy Keith and ex-director Murdo Mackay appeared with former finance director Andrew Mackenzie at Derby magistrates court.
All are charged with conspiracy to defraud and conceal criminal property.
The case relates to alleged financial irregularities during a takeover in October 2003. All three will appear again in February.
Mark Waters, a businessman from Kent, is also charged with false accounting and conspiracy to conceal criminal property. He was also granted unconditional bail.
A fifth man, charged in relation to the inquiry, is due to appear in court later this week.
The case has no connection with the club's current board.