Both Harry Redknapp and Milan Mandaric have been found not guilty on all charges in the high-profile tax evasion trial at Southwark Crown Court.
Redknapp and Mandaric hugged as the jury cleared them of all counts.
After nearly three weeks jurors accepted Redknapp's denials that he avoided tax on any payments over £189,000 found in a Monaco account.
The prosecution based the allegation on a News of the World report that Redknapp admitted to journalist Robert Beasley that the money was a bonus for the sale of Peter Crouch.
This brings to a close a five-year £8m police investigation which failed to yield a single conviction.
HMRC released a statement saying they have “no regrets” over bringing the case regardless of the outcome.