According to the BBC Newsnight Team Arsenal face a FIFA investigation of a payment of ₤1 Million to Beveran in Belgium.
FIFA President, Sepp Blatter told BBC Radio Five Live:
Let Arsenal give the Football Association their report. It will be then be reported later to FIFA but for the time being I am not in a position to make any comments about what punishments or sanctions should be taken against a club. 
This does not look good.
UPDATE
The Club has Issued the following statement:
Arsenal Football Club is aware that BBC Newsnight is carrying a story this evening purporting to describe Arsenal's relationship with Belgian football club, Beveren.
Arsenal does not normally make public its agreements with third parties. However, Arsenal can confirm that it has had a technical relationship with Beveren since 2001. This relationship has a number of benefits to both clubs such as providing a platform to share coaching methods and techniques as well as facilitating the option of players being loaned between the clubs. For example, during the course of the relationship, Arsenal players David Grondin, Liam Chilvers, John Halls and Graham Stack all spent successful loan periods at Beveren as did Emmanuel Eboue, who played in a number of trial matches with Arsenal whilst contracted to Beveren. Such was the latter player's success, Arsenal subsequently signed Eboue on a permanent basis.
In addition, Arsenal confirms that it has never owned, directly or indirectly, any shares in Beveren or had any power whatsoever to influence its management or administration. It did in 2001 provide funds of 1,570,703 Euros by way of loan to a member of the consortium to assist in stabilising the finances of Beveren.
At no time has anyone at Arsenal been contacted by any regulatory or investigatory body with respect to its relationship with Beveren. Arsenal and all its staff have acted properly throughout, in accordance with all applicable rules and regulations, and in the best interests of Beveren, Arsenal and the broader footballing community.
