Pozzo is among numerous people on trial in Madrid over alleged tax offences from his time as owner of Spanish club Granada.

On Thursday, the third day of the trial, a letter sent to the Italian by Quique Pina, the club's former president, accused Pozzo of moving money from player sales to a Luxembourg company, believed to be Fifteen Securitisation.

"When we had a good player, he was sold," Pina accused, "Not to use the money to invest and grow the club, but to take it to the Luxembourg fund. You transferred important players mid-season, which negatively impacted the team's performance."

But the defendants' lawyers disputed such claims, maintaining that all disputed transactions were entirely legal.

The defence lawyers also "criticised the Tax Agency's ambiguity in considering such transactions as both 'simulated' and 'deductible' from Granada's corresponding tax return, something that would invalidate the initial hypothesis".

They also defended the nature of the bonds, which they claimed served as external financing for the club's sporting side to improve, which they argued would also help the club have "higher television rights" and "extra income from shirt sales" in the future, by virtue of having better players.

Day three of the trial has concluded, and proceedings are expected to resume on Monday, 16 November, from 9am GMT.