European football's governing body UEFA have launched steps to recover £10million sterling from stricken marketing firm ISL, part of the bankrupt ISMM Group.
The money owed is from additional revenues ISL collected from the Euro 2000 championships.
UEFA chief executive Gerhard Aigner said: "As all attempts to save the company have failed, we have lodged our interest with the Swiss court overseeing the ISL bankruptcy proceedings and made clear our determination to have the debt paid.
"This money belongs to European football and we have a duty and a responsibility to take the necessary steps so that it's available to put back into the game."
World governing body FIFA are also pursuing ISMM, which held 50% of the television rights for the World Cups in 2002 and 2006.
FIFA president Sepp Blatter, who has received some flak over the issue, has sent a letter to all national associations about the bankruptcy.
In the letter he says: "The current situation, while unexpected and requiring a great deal of energy and effort, provides FIFA with an opportunity to assume complete and independent control of its destiny.
"We are now in a position to take full control of the rights that belong to the whole football family and the 204 national associations. We now need to be vigilant, and show solidarity and a united front."
Earlier this week FIFA brought charges against ISMM's chief financial officer Hans-Jurg Schmid, senior vice-president Hans-Peter Weber and unnamed third parties alleging fraud, embezzlement and disloyal business management.
The charges stem from a £40million pre-payment made by Brazilian television channel TV Globoto ISMM last year. FIFA claim they were kept in the dark about the payment. PA