Leicester City chairman Milan Mandaric has vowed to clear his name after being charged with two counts of cheating the public revenue.
The former owner of Premier League club Portsmouth will appear at the City of Westminster Magistrates' Court on February 11.
The Crown Prosecution Service allege that Mandaric paid 295,000 US dollars to another person via a bank account in Monaco and evaded tax and national insurance contributions between April 1 2002 and November 28 2007.
"I am surprised and very disappointed that I have been charged," read a statement from Mandaric on Leicester's official website.
"This was a personal matter and nothing to do with football. I have done nothing wrong and independent tax experts have already confirmed that, in their opinion, there is no tax liability.
"My solicitors, Cartwright King, will be assisting me to vigorously defend the case when it goes to court and prove that I am innocent of this allegation."
Mandaric took over the Foxes in February 2007 and the charges relate to the period when he was chairman of Portsmouth.