Redknapp, 64, allegedly opened a bank account in Monaco to stash away £200,000 in dodgy transfer bungs, a court heard. The account was set up in the name of his pet bulldog.

Prosecutor John Black, QC, said: “It was not opened in the name of Mr Redknapp but Rosie47. It appears to be a combination of the name of his dog and the year of his birth.”

Black said that Redknapp used the account to avoid paying tax in the UK.

The football boss, a firm favourite to become England’s next manager, is said to have set up the offshore HSBC account during his time as Portsmouth FC manager, with the approval of Portsmouth’s former chairman Milan Mandaric, 73.

Black said:  “It is significant that the bank account opened by Mr Redknapp in order to receive money from Mr Mandaric was located in an offshore tax haven with a long-standing tradition of banking secrecy.

“The Crown says the money transfers were deliberately and dishonestly paid by Mr Mandaric and were deliberately and dishonestly received by Mr Redknapp with the intention of concealing them from the UK tax authorities. Both these defendants are guilty of cheating the taxman.”

 A jury of eight men and four women heard that Redknapp was initially entitled to a 10% bonus of any profit he made Portsmouth by selling players. When the bonus was cut to 5%, Black suggested, Redknapp and Mandaric came to an arrangement that the money would be paid into an offshore account, thus avoiding paying tax.