The company that owns Birmingham City FC said it believed a former employee may have "misappropriated" £2.5m, reports BBC News. Birmingham International Holdings said on Monday afternoon that it had reported the matter to the Hong Kong police, who were investigating.
The company said in a statement that the loss "may have a material impact on the operation and financial situation of the group".
The former owner of Birmingham City, Carson Yeung, was convicted of money laundering in his native Hong Kong in March and jailed for six years.
Last week it emerged that Yeung had requested to remove three directors of Birmingham International Holdings and replace them with three of his own nominations.
The company has asked the Hong Kong Stock Exchange to investigate Mr Yeung's request.
Supporters of Birmingham City have asked the Football League to investigate concerns that the former owner was acting as a "shadow director".
A Football League spokesman said it had been in "ongoing dialogue with the club in recent months".
