What's in the Sydney Swans recording seized by police. The players were told it was the 'smoking gun' that would clear their names. The truth is more complicated: JONICA BRAY

A recording seized by Victoria Police during their investigation into the Sydney Swans' hotel scandal has been hailed as the potential 'smoking gun' that could change everything for four high-profile AFL stars.

But as someone who has been privy to certain audio files related to this case, I remain far from convinced.

After news of the seizure broke over the weekend, speculation swirled about what investigators might have uncovered in the recording, which was made in the days following the fateful night at the Pullman hotel, and whether it could help clear the names of the players involved.

Isaac Heeney, Chad Warner, Nick Blakey and James Jordon have all denied any wrongdoing and the Daily Mail does not suggest they are personally under investigation. However, there is no doubt that all four men have plenty to lose.

Late last week, I was told that each of the four men had been contacted with the promise of audio evidence that could assist them.

Given the brutal headlines they had endured and the suspensions handed down by their club, you can imagine they were desperate to know more.

What followed, I am told, was a frantic behind-the-scenes scramble, with lawyers drafted in as the so-called 'Pullman Four' wrestled with the possibility that this could be the definitive proof they had been searching for all along.

What did the audio contain? Who recorded it? When did it happen? How many recordings were there? And what exactly was said?

I know the answers to each of those questions. I have it on very good authority what was said - and some of the claims aired in the recording are jaw-dropping.

Before I go any further, I want to make two things clear. First, this is an active criminal investigation and I respect both the legal process and the justice system. For that reason, I won't identify the person who was recorded or disclose where the recording was allegedly made.

Second, while reports over the weekend referred to a single audio recording, it's my understanding there are actually two. I know the contents of one of them.

What I can say with certainty is that the recording I am aware of was made in secret. Its very existence amounts to a startling betrayal of trust, and it contains explosive claims about what allegedly took place at the hotel party.

That recording lays bare every stage of the saga, piecing together a step-by-step timeline that begins before the booking was even made and stretches through to the confrontations in the hotel lobby the following morning and the fallout that followed.

It canvasses private conversations inside the room, allegations that drugs were offered, and details of the claims that would ultimately trigger a police investigation.

It talks about the police's involvement and pinpoints the exact moment the strippers decided they would call authorities.

But does it really prove the players had done nothing wrong? That's how it was pitched to them, from what I understand. And that prospect was enough to spark intense interest from both the club and lawyers eager to assess its potential implications.

Look, I'm no lawyer but after 20 years as an investigative journalist, I wouldn't be betting either way at this stage.

There is no doubt the three dancers at the centre of this story remain deeply angry.

As I previously reported, they felt deceived after offering the men a discount on the understanding they were carpenters, only to later learn they were professional footballers with multimillion-dollar contracts. 

They are also aggrieved by their treatment after one of the women suffered a medical episode, felt faint and attempted to flee the room still topless.

They genuinely believe the men were more concerned about the fallout from being caught hosting a late-night party than the dancer's welfare. To be clear, I'm not suggesting that was the case, only that it is how the women viewed the situation.

But one detail in the recording stands out above all others - and I suspect it was the aspect that most captured the attention of both the club and the players.

The allegations of sexual assault were not first raised inside the room, it is claimed. Rather, they emerged later, in the hotel lobby, after the women realised the men were high-profile footballers instead of tradies.

But is that enough to cast serious doubt on their allegations?

The fact that the seizure of the recording made headlines over the weekend is significant in itself. This saga has been awash with leaks from the beginning.

Nothing, it seems, remains private for long.

I know that the dancers, who are all in hiding after some of their personal details were leaked online, have serious concerns about police leaking information to the media. 

One of the women told me personally that details she had only revealed in her official statement had made their way into the news. 

And now we have audio files being seized by police before making the pages of The Sydney Morning Herald within a matter of hours.

Is it any wonder these women are worried for their safety?

I can't speak to the precise motives of the person behind the secret recording. Perhaps they were driven by a sense of justice, believing the information they held could assist investigators in their inquiries.

Equally, it is possible they hoped to benefit in some way if the material proved valuable to the four Swans players.

For the record, the Daily Mail has never paid for any information regarding the Swans scandal.

But given the history of this case, I fear it is only a matter of time before leaks emerge from one or both recordings. 

But one thing is clear: from what I'm told, they are not the silver bullet some had hoped for. Indeed, they appear to fall well short of proving the entire affair was an elaborate stitch-up.