UEFA has opened an investigation into Manchester City for potential breaches of Financial Fair Play regulations, the European governing body has announced.
The probe has been launched following a series of allegations made by media outlets, including German magazine Der Spiegel.
A UEFA statement said: “The Investigatory Chamber of the independent UEFA Club Financial Control Body has today opened a formal investigation into the Premier League champions for potential breaches of Financial Fair Play (FFP) regulations.
“The investigation will focus on several alleged violations of FFP that were recently made public in various media outlets.
“UEFA will make no further comments on the matter while the investigation is ongoing.”
Der Spiegel has made a series of allegations over the last few months based on leaked emails between club officials suggesting that City had attempted to circumvent UEFA’s FFP regulations, and most recently, that they had broken transfer rules with the signing of Argentinian midfielder Bruno Zuculini in 2014.
The club have previously responded to each allegation with the same statement, which said: “We will not be providing any comment on out of context materials purported to have been hacked or stolen from City Football Group and Manchester City personnel and associated people.
“The attempt to damage the Club’s reputation is organised and clear.”
City’s response on this occasion was swift and robust, insisting that the allegations were “entirely false” and welcoming the investigation.
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A statement on the club’s official website, www.mancity.com, said: “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 is entirely false. The club’s published accounts are full and complete and a matter of legal and regulatory record.”