Tottenham Hotspur boss Harry Redknapp and former Portsmouth owner Milan Mandaric have been cleared of two charges of tax evasion.
The two men embraced in the dock at Southwark Crown Court after being found not guilty on two counts of cheating the public revenue.
Redknapp stood accused of avoiding tax on payments totalling £189,00 while he was managing Portsmouth. The money was paid by then Portsmouth owner Milan Mandaric into an offshore bank account in Monaco.
The former West Ham boss thanked his family, Spurs fans and the club for supporting him during the case, which he described as a 'nightmare'.
The jury at Southwark Crown Court delivered their verdict at just after 11.30am on Wednesday morning after five and a half hours of deliberation which had begun on Tuesday.
The prosecution alleged that the first payment into Redknapp's Monaco account - named 'Rosie 47' after one of his pet dogs - related to the sale of striker Peter Crouch. Redknapp and Mandaric always insisted they were innocent.
Speaking to the press outside court, Redknapp said: "I'm really looking just forward to getting home and seeing my wife Sandra and getting away from all this ... It really has been a nightmare - it's been five years - and this is a case that should never have come to court."
Mandaric, who emerged from court before Redknapp, said: "I've got to pinch myself and try and wake myself up from this horrible dream I had ... I always believed in the truth, and in the British justice system."
In a prepared statement read out before Mandaric spoke, he also said: "I am delighted I have today been cleared of the totally unfounded allegations of tax evasion. It is clear they should never have been brought to court."
Reacting to the not guilty verdict, Chris Martin of HMRC said: "Tax evasion is not a victimless crime, because every penny of tax evaded reduces the UK's ability to pay down the deficit and support our public services. That is why we relentlessly pursue those we believe are evading tax. We've no regrets about pursuing this case because it was vitally important the facts were put before a jury for their consideration.
"We accept the verdict of the jury, but I would like to remind those who are evading tax by using offshore tax havens that it always makes sense to come to talk to us before we come to talk to you."
Meanwhile Harry Redknapp continued: "I just really want to thank my legal team, [John] Kelsey-Fry and Jane Glass, they were fantastic. The support I've had from everyone at Tottenham, Donna Cullen and Darren Eales have been here every day with me and the support from [chairman] Daniel Levy who if he ever thought this would be a problem would never have employed me because this was going on three years ago.
"I have to thank the fans especially, the fans of Tottenham the other night, at the Wigan game ... to have them singing my name throughout the game while all this was going on, I'll never forget that."
Tottenham released a statement which read: "Everyone at the club is delighted for Harry and his family."
Bookmakers reacted by slashing the odds on Redknapp becoming the next England manager. Current boss Fabio Capello's contract ends after this summer's European Championship in Poland and Ukraine.
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