Miguel Cagnoni, Jefferson Borges and Cyro Delgado are all seeking to become the CBDA’s President, with the body set to elect a new leader for the first time since 1988.

It follows CBDA President Coaracy Nunes, also a member of the International Swimming Federation's (FINA) Bureau, being arrested in April as part of an inquiry into the alleged misuse of public funds.

Nunes was arrested along with CBDA financial director Sergio Ribeiro and water polo technical coordinator Ricardo Cabral.

Each are accused of "over-billing, diverting public funds and embezzlement".

The arrests specifically relate to the alleged misuse of around BRL$40 million (£10 million/$13 million/€12 million).

Nunes had already been removed from his post at the head of the governing body in October following an investigation by the Federal Police and Public Ministry.

The developments within the CBDA prompted Federal Deputy Arnaldo Jordy to call for a Permanent Commission of Inquiry to be set up to probe the use of public funds by the Brazilian sports federations.

Jordy made the suggestion at a public hearing, held to discuss the ongoing scandal within the CBDA.

Ricardo Prado has been leading the CBDA on an interim basis prior to the governing body holding its elections.

The CBDA have now confirmed the three Presidential candidates and their chosen vice-presidents, should they triumph at the elections.

Cagnoni is running on a platform of “Innovation and Transparency”, with the Paulista Aquatic Federation President being supported by Luis Fernando Coelho de Oliveira.

“Our intention as an opposition plate has two very defined mottos: innovation and transparency, this is what we want for Brazilian swimming,” Cagnoni states in his campaign website.

“We want to innovate, with a shared management like any modern management , where all the actors of Brazilian water sports are part, coaches, athletes, clubs, referees and all those who battle daily at the edge of the pools.

“Still in the field of innovation, we want to diversify management at regional poles so that the problems of such a large country are resolved quickly, and where clubs and federation presidents will find their support nuclei, and will be increasingly heard and enlightened within. The reality of their problems.

“As for transparency, we can not even say what that means today because of all these situations that have occurred recently in the CBDA.

“Transparency must be an obligation in any entity, in any reality that is made today in the sports administration in Brazil and in the world, that is why we place it at a high value in our election campaign."

Delgado, a 4x200 metres freestyle bronze medallist at the Moscow 1980 Olympic Games, is running on a platform called "New Face".

He is running with Ricardo Luis Barbosa de Lima.

“I want to join forces with the athletes from the five water sports and create development opportunities for clubs, sports organisations and all federations,” said Delgado, who has denied any association to the former CBDA Board.

“They are dedicated to the sport, as athlete, manager and a privileged fan of swimming, jumping, water polo, synchronized swimming and aquatic marathons without forgetting the masters.

“I bring all my baggage, including as an Olympic medallist, to be a transforming agent for the CBDA.

“We will add forces to regain the credibility of our institution.”

The third Presidential candidate Jefferson Borges currently serves as the head of the Mato Grosso do Sul Aquatic Federation.

Borges’ platform is titled New Directions and he is being supported by vice-presidential candidate Marcelo Falcao.

Both Borges and Falaco are FINA referees and were selected by the governing body to officiate at the Rio 2016 Olympic Games.

The election is due to take place on June 9.