The former Portsmouth owner Vladimir Antonov has lost in his case to avoid extradition to Lithuania.
He has been accused of asset stripping at the Lithuanian bank Snoras alongside business partner Raimondas Baranauskas.
Both men claimed that they were being used as “scapegoats” following the nationalisation of the bank.
However, the banker and his comrades challenges have been dismissed by two High Court judges, after they said there was no evidence to support the two businessmen’s claims.
The two men face charges in Lithuania for stripping 470m euros (£396m) and $10m (£6m) of assets and funds from the bank.
In 2011 the Lithuanian authorities issued a European arrest warrant for the two men after they had been named as main suspects in a pre-trial investigation.
Banker Antonov bought Portsmouth in June 2011 and had once been ranked 182nd among Russian millionaires. However, he was forced to step down as Chairmen at Fratton Park after his company, Conver Sports Initiatives (CSI), went into administration.
