The Doncaster deal, which is now expected to be looked at by the Moriarty Tribunal, involves the major redevelopment of a prime site in the centre of the Yorkshire city.
Plans have been drawn up for 840 apartments as well as office buildings and car parking facilities on the site of the stadium where the Doncaster Rovers team currently plays.
The company that holds the lease on the grounds, Doncaster Rovers Football Club Ltd (DRFC), is owned by an Isle of Man trust associated with the family of Denis O'Brien.
Doncaster Borough Council is funding a £32 million (€47 million) community sports centre about two miles from the stadium and which is due to be completed by December of this year. Doncaster Rovers, along with a number of other sporting organisations, will move to the new facilities once they are completed. The 15,000-seat stadium is scheduled to take 15 months to build, from start to finish.
This in turn will allow for the development of the old Bellevue stadium in the centre of Doncaster, close to its well-known horse racing track.
A spokesman for the council said plans for the redevelopment of Bellevue have not been agreed and a consultation process which would include local residents would be required. He could not say if planning permission had yet been applied for. A spokesman for Mr O'Brien said there would be no comment.
The potential for the construction of a new stadium and redevelopment of the Bellevue site was spotted by a Northern Ireland-based property agent, Kevin Phelan. This led to the purchase of DRFC in 1998, for £4 million, in a deal which the tribunal now wants to investigate.
DRFC was bought by Westferry Ltd, of the Isle of Man. Denis O'Brien, who is a director of DRFC since April 2003, has told the tribunal that the stadium was bought by his family trust and is a private family transaction. Michael Lowry, whose affairs are being investigated by the tribunal, has said he has nothing to do with the transaction.
The other two directors of DRFC are Dublin-based stockbroker David Sykes and Dublin-based accountant John Ryall. Both are on the boards of a number of Mr O'Brien's companies.
The latest accounts in the UK Companies Office for DRFC are for the year to end May 2004. They show the company as having accumulated losses of £1.255 million and a net liability of £556,526.
However, the accounts state that Westferry will continue to support DRFC until the company is in a position to repay amounts due.
