The owner of Portsmouth Football Club, Vladimir Antonov, has been arrested in an inquiry into asset stripping, reports BBC News.
Lithuanian prosecutors want to question him as part of an investigation into claims involving Snoras Bank.
They are also seeking his business partner Raimondas Baranauskas. Both are former managers and shareholders of the bank and deny any wrongdoing.
Portsmouth said its business operations were unaffected and its day-to-day operations "carry on as normal".
City of London Police said: "In response to a Europe-wide arrest warrant officers arrested a 36-year-old man in London this afternoon."
Snoras Bank went into temporary administration last week and on Tuesday Latvian authorities suspended the operations of another of Antonov's banks, Krajbanka.