Former property magnate and director of Leeds United Simon Morris has been charged with conspiracy to blackmail.
Mr Morris, 32, was declared bankrupt a year after his business empire SRM Holdings Group collapsed with debts of around £50 million.
The charges come after a long investigation by West Yorkshire police into the demise of the business.
He will appear before magistrates in Leeds next week, jointly charged with an unnamed 49-year-old man from Hyde, Cheshire.
His co-accused is also charged with possession of a firearm and possession of an offensive weapon.
Both have been released on police bail but will attend court on Tuesday.
Mr Morris was a director at Leeds United from 2004 until 2005. The football club was then taken over by current chairman Ken Bates.
Mr Bates recently lost a Court of Appeal bid to overturn a ruling that he libelled another former Leeds director Melvyn Levi in the matchday programme.
In July, Mr Levi was awarded £50,000 for libellous comments in three separate programmes, one labelling him a “shyster”.
To get more news, click here to sign up for our free daily newsletter.