Harry Redknapp and Milan Mandaric have been cleared on all charges of tax evasion by a jury at Southwark Crown Court.
Redknapp had been accused of accepting secret untaxed bonus payments from former Portsmouth chairman Mandaric, while he was club manager, but the Tottenham boss maintained his innocence throughout the investigation and subsequent trial.
The first charge alleged that between April 1, 2002, and November 28, 2007, Mandaric paid 145,000 US dollars into a bank account held by Redknapp in Monaco, to avoid paying income tax and national insurance.
The second charge for the same offence relates to a sum of 150,000 US dollars allegedly paid by Mandaric to the same account between May 1, 2004, and November 28, 2007.
During the course of the trial the jury heard that Redknapp received two payments into his 'Rosie 47' account in Monaco, which was named after his pet dog, but the Spurs manager denied it was to avoid paying any tax.
The account first came to light as part of the police investigation onto Premier League bungs with a telephone conversation between News of the World reporter Rob Beasley and Redknapp and Mandaric forming the basis of the prosecution's case.
However, the jury did not agree with the Crown's version of events and cleared both Redknapp and Mandaric of all charges.
It has subsequently been revealed that and Peter Storrie, Portsmouth's former chief executive, were cleared of tax evasion charges at a separate trial last October.
Redknapp thanked his legal team and the support he has recieved from Tottenham's board, chairman Daniel Levy, and the fans for their backing during the case.
"I just really want to thank my legal team, they were fantastic," said Redknapp outside court.
"The support I've had from everybody at Tottenham and the support from Daniel Levy who, if he ever felt there was a problem when he gave me this job - this was going on over three years ago - would never have employed me.
"He knew this case should never have come to court and I have to thank the fans at Tottenham.
"The other night, at the Wigan game, was the most moving I've ever felt. For me, personally, to have them singing my name throughout the game, while all this was going one, will always be special to me and I'll never forget that.
"The most important thing, obviously, is my family who have been pulled through it the last five years it's been hanging over us.
"I'm looking forward to getting home and seeing my wife Sandra and getting away from all of this.
"It really has been a nightmare, I've got to be honest, it's been five years and this case should never have come to court. It was horrendous.
"It was a unanimous decision, the jury were absolutely unanimous there was no case to answer and I'm pleased we can go home and get on with my life."
A statement from Tottenham added: "Everyone at the club is delighted for Harry and his family.
"This has been hanging over him for over four years and the last two weeks have been particularly difficult.
"We are pleased to see this resolved and we all look forward to the rest of the season."