A DECISION is imminent over whether Bury FC's major shareholder Hugh Eaves faces a police probe in the wake of his reported £20 million loss in a stock market gamble.

The City of London police are currently talking to solicitors of the alleged victims, whose money is said to have disappeared in a series of unsuccessful bets on the high-risk derivatives market.

Meanwhile, London-based millionaire businessman Mr Eaves (56, pictured at Gigg Lane) is said to be in hiding as detectives decide whether to investigate the claims, compared by some to the Nick Leeson gamble which brought about the collapse of Barings merchant bank in recent years.

However, it was stressed this week that the financial stability of Bury FC would not be affected by the reports of the massive loss.

Weekend press reports claimed that Mr Eaves, who had reputedly put £5 million into the soccer club since the mid-1980s, had been living a double life. It was said he had written to former senior partners of stockbroking firm Phillips & Drew - where he was a former finance director - saying he had lost millions of pounds that he was managing on their behalf.

It has also been claimed that the crisis has come at a time when Mr Eaves is apparently half way through renovating an historic, grade one listed £375,000 12-bedroom mansion on the outskirts of Dolgellau, Wales.

He and his wife, Emma, bought Nannau Hall, five years ago.

A City of London Police spokesman told the Bury Times yesterday: "The situation is that we are in contact with solicitors representing the alleged losers.

"We haven't formally launched an investigation at this time. That may change and a decision will be made fairly shortly."

Tottington-born Mr Eaves stunned local football fans in December by announcing he was quitting as a director of the club after suffering abuse from Gigg Lane fans.

Bury FC chairman Mr Terry Robinson was stunned by the news.

"It was a surprise. I don't really want to comment on it because I haven't spoken to Hugh Eaves."

However, he did not believe the revelation would have a significant impact on the club.

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