Breaking News: Fabio Capello Under Investigation

Fabio Capello is under investigation for alleged tax fraud in his home country of Italy.

The newly-appointed manager of the English National Team has been on the job less than two weeks—and this news puts a question mark on his future.

Presumed innocent until proven guilty, of course.

More news as we receive it during the day.

UPDATE@12.32pm

The Italian courts have launched an inquiry into Capello's finances, specifically while he was in charge of Serie A side Juventus between 2005 and 2006.

The Football Association had this to say on the matter:

It is our understanding that the Italian tax authorities are currently following a procedure of looking into the finances of a number of high-profile individuals.

We have spoken to Fabio and his advisors about today's newspaper reports in Italy and they have explained the facts.

They have also given us their assurances that Fabio Capello's tax payments are in order.

The FA have no further comment to make on this subject.

What is most perplexing is that it has been "revealed" by BBC Sport that the FA did in fact know about the inquiry—although this has yet to be confirmed.

More unconfirmed reports state that Capello has assured the FA that his finances are in order. As it stands, it's likely that the case will go either one of two ways:

Either authorities clear Capello of any wrongdoing and close the case, or Capello will be summoned to explain his finances to the Italian courts.