The club’s stadium St James’ Park, along with West Ham’s London Stadium were raided by HMRC as part of an investigation of suspected income tax and national insurance fraud, centring on the payments made during transfer dealings, and the involvement of football agents.

Newcastle's managing director Lee Charnley was among several men arrested at the time and later released without charge.

Court orders have thus far prevented HMRC from examining the seized material.

Lawyers for Newcastle United had argued that there were no grounds to believe it was engaged in tax fraud, and the warrant remit was too wide.

In their judgment, Lord Justice Beatson and Mrs Justice Whipple in the High Court said HMRC’s case was ‘materially correct on its facts’ and added they were ‘satisfied that the evidence and facts disclosed by that evidence provided reasonable grounds for the belief that NUFC was engaged in criminality’.

They added that ‘reasonable ground’ for belief are ‘just that’.

‘They do not mean any criminal offence has in fact been committed. There may, at the end of the investigation, turn out to be innocent explanations for what happened,’ they added.

An HMRC spokesperson said: ‘HMRC is pleased that the Court agreed these warrants were lawful and justified in this case, and rejected each of the five grounds for which the review was sought. Our investigation into suspected tax fraud continues. We do not comment on individual cases or ongoing investigations.’

Lawyers for NUFC have been contacted.

The High Court ruling can be read here:  newcastleunited-hmrc-raid-highct.pdf.