The Bay City Rollers enjoyed success in the 1970s
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Former Bay City Rollers lead singer Les McKeown has been cleared of setting up a deal to sell drugs.
The 1970s pop star from Hackney, east London, said he was "over the moon" at being found not guilty of conspiring to supply cocaine.
Ex-band guitarist Patrick McGlynn and Alistair Murray, both from Edinburgh, were cleared of the same charge.
During the trial at Basildon Crown Court Mr McKeown, 50, admitted being a drug user but denied being a dealer.
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I shall now be going to have a glass of champagne and then I'm looking forward to going on tour again
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After the hearing on Friday Mr McGlynn said: "The relief is unbelievable. It feels like I've won the lottery three times over.
"I don't know how I feel exactly. It's just a relief that this dreadful ordeal is over.
"I shall now be going to have a glass of champagne and then I'm looking forward to going on tour again," he added.
Mr McKeown had been accused of setting up a deal between Mr McGlynn and Mr Murray and two other men.
Cash in wash bag
The court heard armed police arrested Mr McGlynn and Mr Murray in a hotel car park in Waltham Abbey, Essex, in May 2005.
Mr McGlynn was found with £16,500 in cash in a wash bag.
Two other men, who were found to have £16,000 worth of cocaine in their car, were also arrested and admitted conspiring to supply cocaine.
Mr McKeown was arrested shortly afterwards at his home in Hackney, east London
All three men, who denied the charges, said the meeting had been set up to arrange to buy a car.