West Ham United face an FA probe after it was discovered the club made a secret payment of £339,000 into a Swiss bank account last August

The deposit was paid to a company linked to controversial football agent Pini Zahavi just days after the shady transfers of Javier Mascherano and Carlos Tevez.

FA rules state that all transfer-related payments must be made through the proper channels but an investigation by the News of the World revealed that West Ham failed to disclose details of this deal.

Last night the FA confirmed a full probe will take place. If found guilty, the Hammers, who are favourites for relegation from the Premiership, could face a huge fine, a fixed-term ban on all transfers and a possible points deduction at the beginning of next season.

The signings of the two Argentinians are already shrouded in mystery. The players’ contracts were owned by companies and consortiums associated with Zahavi and Kia Joorabchian, who tried to buy control of West Ham last summer. Mascherano, now a Liverpool player, was half owned by Global Soccer Agencies, to whom the secret payment was made.

However, Zavahi has denied he was the owner of GSA. “I am the adviser, that’s all. I don’t own it. I have nothing to hide. I don’t give a sh*t what rule West Ham broke, I am telling you I am not GSA.”

Although West Ham may have contravened the strict guidelines aimed at stamping out football’s dodgy dealings, former chairman Terry Brown said: “Who paid it? Into where?

“You would have to ask the club. I am not going to comment on that. If it’s wrong it’s the club that has done wrong, but I very much doubt we have done anything that’s wrong.”

Paul Aldrigde, who was West Ham’s managing director before the club was bought by Icelandic businessman Eggert Magnusson, added: “Legal advice was taken at the time and a payment was made strictly in accordance with all the relevant rules and regulations.”

Last night a West Ham spokesman said: “All documents relating to the Mascherano and Tevez transfers have now been submitted to the Premier League to assist with their on-going inquiry.”