The man who effectively owns the television rights for the TT has been arrested in London.
A Europe-wide arrest warrant for Vladimir Antonov was issued earlier this week, after a bank he owns went into administration.
Mr Antonov owns Convers Sports Initiatives, which bought North One Sports, the holder of the TV rights, earlier this year.
City of London Police said: 'In response to a Europe-wide arrest warrant officers arrested a 36-year-old man in London'.
A court in Lithuania granted the arrest warrant on Tuesday as a pre-trial investigation into alleged fraud and money laundering began.
Snoras Bank went into temporary administration last week and on Tuesday Latvian authorities suspended the operations of another of Mr Antonov's banks.
Mr Antonov owns 68 per cent of Snoras Bank and Lithuanian prosecutors said he had been recognised as a suspect with regard to misappropriation of property on a large scale and forgery of documents.
It's thought he will now face an extradition hearing.
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