Exeter City vice-chairman Mike Lewis considered quitting the club

Exeter City vice-chairman Mike Lewis was arrested on Wednesday morning, together with club chairman John Russell and a woman.

Officers from Devon and Cornwall Police's fraud squad searched a number of private addresses and Exeter City FC, as well as an address in Swansea.

The three people were questioned at Heavitree Road police station in Exeter, but have now been bailed, and are required to report back to the police in September.

Mr Russell has also rejected allegations of irregularities.

Mr Lewis, who took over Exeter City with Mr Russell at the end of the 2001-2002 season, said he had nothing to hide.

City chairman John Russell denies the allegations

"I have been in football for 28 years and I have an unblemished record.

"I gave the police free access to my flat in Exeter.

"They have made no specific allegations to me."

Exeter were relegated from the Football League 12 days ago amid reports of debts of �2m.

Mr Lewis said he had considered throwing in the towel and walking away from the club.

But he said he would take a short break before returning to his desk next Monday to continue the fight to save the club.