Newly crowned Premier League champions Manchester City have denied allegations which was initially published on New York Times that the club could be banned from UEFA Champions League for breaching the financial fair play (FFP) regulations.

The Pep Guardiola-led side have released a statement on Tuesday, insisting that the club have done nothing wrong and it is actually the “individuals intent on damaging the club’s reputation” who are behind the report.

“Manchester City FC is fully cooperating in good faith with the CFCB IC’s ongoing investigation. In doing so the club is reliant on both the CFCB IC’s independence and commitment to due process; and on UEFA’s commitment of the 7th of March that it ‘….will make no further comment on the matter while the investigation is ongoing, ‘ the club wrote in its official statements.

“The New York Times report citing ‘people familiar with the case’ is therefore extremely concerning. The implications are that either Manchester City’s good faith in the CFCB IC is misplaced or the CFCB IC process is being misrepresented by individuals intent on damaging the Club’s reputation and its commercial interests. Or both.

“Manchester City’s published accounts are full and complete and a matter of legal and regulatory record. The accusation of financial irregularities are entirely false, and comprehensive proof of this fact has been provided to the CFCB IC.”

The official governing body, UEFA is yet to respond on the matter. However, a Champions League ban would come as a major blow for the English champions as they have been trying to challenge for the coveted European trophy.