It's not only multinational corporations who channel their funds through Bermuda with the goal of trimming their tax bills.

At least two English football clubs are owned through entities based on the Island, according to a report in The Times.

Mohamed al-Fayed, the Egyptian millionaire who sold the Harrods department store this month, owns Premier League side Fulham through Bermuda-based Mafco Holdings.

Championship side Ipswich Town, who have Bermudian youngster Reggie Lambe on their playing staff, are also owned through an Island-based enitity.

The Suffolk club's majority owner is Marcus Evans, who owns his controlling stake through a Bermuda entity. His core company The Marcus Evans Group is one of 15 companies he owns that are based on the Island.

Mr. Evans is a multi-millionaire, who made his fortune through running corporate conferences and professional training around the world.

The Times report found that three-quarters of Premier League clubs were offshore-controlled, including Manchester United, whose holding company is in Nevada.

Relegated Portsmouth, which went into administration in February after clocking up an £11.6 million tax bill, are also owned through a company in the British Virgin Islands and Tottenham Hotspur are controlled via a Bahamas company.