Leeds United denies any wrongdoing after owner accused of corruption

Leeds United has refuted a report that alleges owner Massimo Cellino offered to help a fictitious investment firm manipulate FIFA and FA transfer rules.

The Telegraph released a video of the Italian owner purporting to offer an investor a stake in Leeds as compensation if the unidentified individual gave the Championship side a percentage of a player's future sell-on fees.

Cellino suggested the football club receive 20 percent of the player's sell-on fees if the firm was willing to buy a 20 percent stake in the club.

Shortly after the piece was published, Leeds United issued a statement, saying that it had viewed the footage in question, and does not believe the video shows Cellino trying to manipulate transfer rules:

"At no time in this video clip has Mr Cellino suggested getting around the FA's rules on third-party ownership of players.

In complete contrast to what has been suggested, Mr Cellino has made a perfectly proper suggestion which is entirely consistent with the FA's regulations, as the only parties entitled to take benefit from ownership of a player is the Club itself.

If a company commits money to a Club by way of investment, taking on the potential for profit but also the risk for loss, then that is a normal, every-day corporate process."

At one point during the Telegraph's undercover investigation, Cellino appears to distance himself from the nature of the conversation, insisting he does not wish to break the transfer rules in England.

“Technically, it’s perfect, for me it’s beautiful,” he said. “For me it’s the best thing. But you know that by the rules here, and everywhere now, it’s become every day more difficult … I cannot allow myself to make a mistake in England. I don’t want to be the one that breach the rules.”

But the newspaper insists that his suggestion the firm become a shareholder is evidence of Cellino attempting to work his way around third-party ownership, which FIFA and UEFA banned as a way to prevent companies from buying the economic rights to players and possibly having a right to receiving a portion of future transfer fees.

The accusations come after the same investigative team published a video in which Sam Allardyce suggests ways to circumvent third-party transfer rules. As a result, Allardyce was dismissed as England manager Tuesday.