Birmingham City officials have asked for the football club’s shares to be temporarily suspended “pending an announcement” later.
The move comes after the club’s co-owner David Sullivan and managing director Karren Brady were arrested and questioned by police in connection with allegations of false accounting and conspiracy to defraud.
The London Stock Exchange suspended the shares on Thursday morning.
City of London Police raided the club last month in what was said to be “an ongoing investigation into football corruption”.
Brady and Sullivan were questioned and bailed by the police force’s economic crime unit.
A statement released by Birmingham City FC on Wednesday said the pair had been interviewed by officers as part of a “longstanding appointment” and they had “happily done so”.
Seven other people are currently on bail as part of the investigationby the City of London police.
Among those previously arrested during the investigation are Portsmouth manager Harry Redknapp, the club’s chief executive Peter Storrie and former chairman Milan Mandaric.
Former Portsmouth midfielder Amdy Faye, a Senegalese international, has also been questioned by police.