Manchester City have said they 'welcome' a UEFA investigation into allegations that the club have breached Financial Fair Play (FFP) regulations, while a number of Premier League clubs are reported to have demanded that the league takes a stand on the matter.
UEFA issued a brief statement saying the club were being investigated on Thursday, and the club had previously been silent on the matter, but stated categorically on Friday morning that the allegations are false and a result of illegal hacking.
The club statement reads: "Manchester City welcomes the opening of a formal UEFA investigation as an opportunity to bring to an end the speculation resulting from the illegal hacking and out of context publication of City emails.
"The accusation of financial irregularities are entirely false. The Club’s published accounts are full and complete and a matter of legal and regulatory record."
Though the source of the allegations is unconfirmed, with UEFA keeping their cards close to their chest, they cited alleged violations in 'various media outlets' believed to include German magazine Der Spiegel, who recently leaked documents relating to City's business.
The outlet accused City officials of misleading authorities by hiding the source of revenue from sponsorship deals linked to the club's owners in Abu Dhabi.
The Premier League is yet to take a stance on the matter, but The Times report that at least 12 member clubs plan to write to the league for clarification on what they intend to do about the accusations.
If found guilty of FFP breaches for a second time in five years, potential punishments could include a temporary ban from competing in European competitions, or restrictions on future signings.