A statement read: "The Premier League has previously contacted Manchester City to request information regarding recent allegations and is in ongoing dialogue with the club.

"The League has detailed financial regulations and strong rules in the areas of Academy player recruitment and third-party ownership.

"We are currently investigating these matters and will allow Manchester City every opportunity to explain the context and detail surrounding them."

City have firmly denied the allegations but the club could be facing probes from multiple organisations. Reports have claimed the matters concerning youth recruitment and third-party ownership are being examined by world governing body FIFA.

The Football Association is also investigating allegations that City made a banned payment to Jadon Sancho's agent before the then 14-year-old joined the club from Watford four years ago. Press Association Sport understands Watford are monitoring this situation following reports they could take action.

Sancho, who is now an England international, left City for Borussia Dortmund in 2017.

City were punished by UEFA for breaking FFP regulations in 2014 but the recent allegations, which have come chiefly from German publication Der Spiegel, claim the scale of the breaches runs deeper than known at the time.

Among the allegations are claims that sponsorship deals were artificially inflated and that the club were deceitful in their accounting procedures.

The club said in a statement: "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 accusations of financial irregularities are entirely false. The club's published accounts are full and complete and a matter of legal and regulatory record."

The allegations predate the appointment of Pep Guardiola in 2016 but the City manager expressed confidence in the club when asked about the matter on Friday.

Speaking at a press conference to preview the Premier League champions' clash with Watford on Saturday, Guardiola also urged UEFA to bring the matter to a swift conclusion.

He said: "I think the club made their statement yesterday, I can't add more than that.

"The club is open, so hopefully it can finish as soon as possible and UEFA can decide what it sees.

"I said last season I trust a lot what the club has done because I know them. Hopefully they can solve it as soon as possible."

Asked further if he was concerned the matter could taint his legacy at the club, Guardiola said: "No, absolutely not."

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