Irishman Kevin Mallon will be released from prison on bail tonight after a judge lifted the restriction of insisting an electronic tag be attached to him.
Mr Mallon was arrested in Rio earlier this month over charges of illegally selling tickets for the Olympic Games.
Earlier today, a ruling was made in the Supreme Court in Brasilia to release Mr Mallon on bail.
Mr Mallon was due to be electronically tagged on his release from Bangu prison in Rio but this was delayed for several hours due to a shortage of electronic ankle bracelets.
This evening, a judge lifted the restriction of insisting the electronic tag be attached to Mr Mallon. He is now due to be released later tonight.
Mr Mallon, the Dublin-based director of THG Sports, was in possession of hundreds of tickets earmarked for the Olympic Council of Ireland, when he was arrested on 5 August.
THG does not have the licence to sell Ireland's Olympic tickets.
The Authorised Ticket Reseller is Pro 10 Sports Management.
In a statement this afternoon, THG said it welcomed the news of Mr Mallon's release from "preventative detention in Rio" and will continue to work to secure his full release and return to Dublin.
It added that it believes the company and its executives will be vindicated when all of the evidence is reviewed and reiterated its welcome of the statutory inquiry into the matter.
Mr Mallon has been sharing a cell at Rio’s Bangu prison with former OCI president Pat Hickey who is facing allegations of the illegal resale of tickets for the games.
It is understood that lawyers for Mr Hickey in Brazil are to request documents from the Olympic Council of Ireland, which the Hickey family solicitor claims will exonerate him.
A spokesperson for Mr Hickey's family has welcomed the news that Mr Mallon is to be released from prison on bail.
Solicitor Anne Marie James said she understood that the OCI had an apartment rented for Mr Hickey should he be released from prison.
Mr Hickey temporarily stepped down as OCI president following his arrest.
Speaking on RTÉ's Marian Finucane programme, Ms James described the treatment of Mr Hickey by Brazilian police as a "flagrant breach of his fundamental human rights".
She claimed police in Brazil have acted lawlessly.
She added that, in her opinion, police had disregarded Brazil's constitution, which affords an individual the right to their innocence until proven guilty.
Ms James also said Minister for Foreign Affairs Charlie Flanagan has agreed to meet her on Wednesday.
She said she suspects the minister will tell her that he cannot intervene in judicial system of another country, but she added that he can relay the concerns of the family to the Brazilian authorities.
Mr Flanagan has said he has agreed to meet the Hickey family over concerns for his health and safety.
The family has called on the Government to urgently intervene to address issues around his arrest.
In a statement yesterday, the family said they are now "gravely concerned about the effect this degrading and humiliating ordeal has had on their father and grandfather and how it continues to affect his physical and mental health".
The OCI has said that the accountancy firm Grant Thornton has been appointed to conduct an independent review of its handling of ticketing arrangements for the 2016 Olympics.
The review will be provided to the State's inquiry into the ticketing controversy.
Background to Olympic tickets controversy
The non-statutory will be led by retired judge Carroll Moran and will last for three months.
Minister for Sport Shane Ross has said there will be no boundaries or limits put on Judge Moran's investigation.
The investigation will look at how the Olympic Council of Ireland handled ticket allocations and accreditations at the Rio Olympics, the 2014 Winter Games and the London Olympics.
It will also examine the State funding of the OCI and its corporate governance.
