The former owner of Blackpool FC, Owen Oyston, has been accused of breaching a court order by selling one of his properties.
Mr Oyston's assets were frozen in 2017 by a High Court judge during a long and bitter legal battle with Valeri Beklokon, who previously held a 20 per cent stake in the football club, until a debt of more than £30m owed to the Latvian was paid off.
The case returned to court last month after Mr Belokon claimed Mr Oyston had ignored the freezing order when he sold Home Farm, in Lytham, for more than £13m.
Summing up the case, Mr Justice Marcus Smith said "a substantial amount of these monies, of the order of about £3m" was now missing from the account where the remainder of the proceeds was being held by solicitors.
It was not clear where the money had gone and Mr Justice Smith said: "I am saying nothing about whether that dissipation (of the the £3m) was proper or improper."
Mr Belokon was still owed at least £13m by Mr Oyston under the 2017 court ruling at the time of the hearing in London.
Home Farm was previously an asset of Fylde Coast Farms Ltd - formerly known as Oyston Estates Ltd - which lists Mr Oyston as sole shareholder.
The firm was covered by the freezing order but Mr Oyston and his legal team claim dispute Mr Belokon's interpretation of the order, saying it had not been breached.
Mr Justice Smith said he will make a future ruling on the "true scope and effect" of the freezing order, which will determine whether or not it was breached when Home Farm was sold.
In the meantime, he has ordered the remaining proceeds of the sale - a sum of more than £10.8m - to be "locked down".
He also agreed to a request from Mr Belokon to order Mr Oyston to give five days notice of any proposed dealing worth more than £10,000 with any of the assets bound by the freezing order.
In February this year, a court receiver was appointed to take over Blackpool FC to force Mr Oyston to pay back some of the £25m that was still owed to Mr Belokon.
That ruling paved the way for new owner Simon Sadler to purchase the club in June.