Four of the 12 businessmen involved in the row over private loans to the Labour party have sponsored academies.
They appear on the list of a dozen millionaires who made secret loans totalling nearly pound;14 million before the last election.
The four, who jointly lent Labour more than pound;5.3 million, spent significantly more than this - some pound;8 million in total - sponsoring academies.
They are Sir David Garrard, property developer sponsor of the Bexley business academy, his former business partner Andrew Rosenfeld, who is sponsoring an academy opening in Wembley Park in 2009, Barry Townsley, a stockbroker, sponsor of Stockley city academy and Rod Aldridge, executive chairman of support services company Capita, backer of the planned Blackburn with Darwen academy.
Mr Aldridge's involvement has proved controversial because of the many contracts, including education business, Capita has won from the Government.