The money was lent to the club for the redevelopment of its 7,798-seat Sixfields Stadium home, but the work on the ground’s East Stand remains incomplete.

In a statement, Northamptonshire Police said it was investigating ‘allegations of theft and fraud, bribery, misconduct in public office and electoral offences’ in connection with the loan.

The police statement also revealed detectives were analysing the ‘results of thousands of financial transactions’ and following ‘700 lines of inquiry’.

‘To date, this has resulted in over 500 statements and reports being produced and more than 2,100 exhibits being seized,’ it said.

Nine other people have also been interviewed under caution, police said.

The statement said the ‘nature of the interviews or the identity of those interviewed’ would remain confidential.

The dispute began when the loan was agreed in 2013, a police inquiry into ‘alleged financial irregularities’ surrounding the money was launched in November 2015.

Report by Calum Fuller