FA bosses are examining evidence after the High Court heard West Brom star Gareth Barry paid £800,000 for a stake in Swindon seven years ago.
The FA reacted swiftly to yesterday’s SunSport story and vowed to “consider its outcome”.
Ex-England midfielder Barry denied buying into Swindon but said he lent money to his agent pal Michael Standing to do so.
FA rules ban players from investing in clubs.
Ex-Swindon owner Jed McCrory voiced concerns about “third-party ownership” in court in 2014.
A pal said: “Jed feels this latest hearing proves what he said was true.”
The astonishing claims came in a judgment handed down this month by Mr Michael Green QC at the Royal Courts of Justice.
Standing, West Brom star Barry’s agent, had taken Robins chairman Lee Power to court.
He filed an injunction alleging he had invested £800,000 in the Wiltshire outfit in March 2013 — in return for a 50 per cent stake of the holding company that owns the club.
But in a twist, Power insisted it was Barry who put the money in.
Michael Green, sitting as Deputy Judge of the Chancery Division at the Royal Courts of Justice, found in favour of Standing.
And in his judgment he said: “Mr Power does not deny there was another person involved in the acquisition but extraordinarily he says it was not Mr Standing but Mr Standing’s very good friend, the well-known England international footballer, Mr Gareth Barry.”
The Judge revealed former Norwich star Power claimed Barry made an oral agreement to invest in Swindon during a meeting at the midfielder’s house in March 2013.
Power insisted Barry did not buy shares in the club but instead the cash injection gave him the rights to 50 per cent of any future Swindon profits, including from transfers.
The Judge said the deal had to be kept secret as it was against FA rules for Barry, as a player, or Standing, as an agent, to invest in a football club.
He added Barry — who captained the Three Lions against Ghana at Wembley in March 2011 — strongly denied investing directly in Swindon.
But he admitted to lending “good friend” Standing money so he could.
The Judge wrote: “Mr Barry says categorically he was not the investor and did not agree anything with Mr Power.”
It is understood Standing took his legal action to ensure he benefits from a possible imminent sale of Swindon.
The court heard the League Two club were now valued at £7.5million.