LISBON Former Benfica chairman Joao Vale E. Azevedo has spent his first night in jail pending trial on charges he misused club funds, prison officials said on Wednesday.

Vale E. Azevedo had been under house arrest since February awaiting preliminary investigations, which last week showed he could stand trial on charges that he had diverted money from the transfer of Russian goalkeeper Sergei Ovchinnikov, Reuters reported.

Court sources last week said that Azevedo, who has denied any wrongdoing, was accused of using some of the transfer fee to complete payment for his luxury yacht "Lucky Me".

Azevedo, 45, chaired former European champions Benfica for three years until he lost a reelection bid last October to rival Manuel Vilarinho.

Vilarinho said shortly after he took over at Benfica that an audit of the club's accounts found debts of some 20 billion escudos ($87.32 million).

Despite being Portugal's most widely supported club, Benfica have not won a league title since 1993 and has been plagued by debts in recent years.