The ACT government and ACT Policing are investigating an estimated $30 million development after the Croatia Deakin Soccer Club failed to benefit from the deal.
Croatia Deakin bought two parcels of land from the government, building 52 units and redeveloping its soccer ground.
It's estimated the initial market value of the units was worth at least $32 million, using records of initial sale values.
But a Canberra Times investigation into the finances of the soccer club revealed it didn't benefit financially and no debts were paid off.
Croatia Deakin chairman Ivan Bulum blamed low market prices at the time, plus the cost of building its clubhouse, grandstand and lights.
But the club's AGM minutes state it was able to redevelop its ground through sponsorship and volunteers.
The deal was born in 1998 and Deakin Section 36 Block 5 was split into three - the existing Deakin Stadium was built on what became block 16, a public park on block 14 - costing the club $200,000 - with 24 units built on block 15.
The club was required to pay $1.2 million for that land, while it was also sold Deakin Section 33 Block 2 for $2.5 million. It's unclear why Section 33 Block 2 was part of the deal, where a further 28 units were built.
The club also failed to submit several financial reports, which it is required to do under the Associations Incorporation Act 1991.
Access Canberra is investigating.
"The matter is ongoing and we do not have any further comment at this time," a spokesperson said.
The matter was referred to police, who are also investigating.
"An assessment has commenced and the circumstances are yet to be established so it would be inappropriate to comment further at this time," a spokesperson said
On top of the costs of the land, it also cost the club $1.28 million to develop its stadium taking total costs to $5.2 million.
The 28 units on Section 33 sold for at least $400,000 from 2007 onwards.
Section 36's 24 units were built in 2012 and sold for at least $900,000 each.
According to ACT Revenue Office documents the unimproved land value where those 24 units were built was $7.5 million in 2011.
Mr Bulum said, "That [initial 1998 deal] was nearly 22 years ago ... if you got that land now,  townhouses in Deakin you would get big money, but at that time it was very, very cheap.
"We paid for the ground, for the government, we paid this, we paid that and we've got a good stadium for the local soccer."
But its 2011 AGM minutes indicate it cost them nothing.
Soccer committee boss Marko Vrkic said, "The club has no debt in regards to this cost."
"The costs were raised by a combination of sponsorships and materials and labour supplied over the course of building the infrastructure."
A group of members have become concerned about the future of the club, which consists of two entities - Croatia Deakin Soccer Club and Croatia Deakin Football Club.
The latter consists solely of the board members of the soccer club and was created in 1998 to get around liquor laws. ACT laws prevented a club with a licence from being leased the land.
Members were concerned the club wanted to turn the stadium into units or a hotel, but the land is zoned for sport and recreation.
Mr Bulum said there were no plans to develop the ground and also dismissed suggestions there were plans for the licensed club across the road. The club is trying to deconcessionalise its lease to add a restaurant.
Members have written to ACT Planning Minister Mick Gentleman and created a petition to prevent the change from going through.
"We don't want to move. We've got the club, we've got the ground," Mr Bulum said.