Leeds United have issued a statement blasting The Telegraph's "non-story" after it implicated the club's owner Massimo Cellino in allegations of corruption.

The Italian, who was acquitted of tax evasion earlier this year, was secretly filmed by reporters posing as representatives of a fake Far East investment firm.

The newspaper footage alleges to show Cellino discussing a potential deal that would result in the undercover journalists investing in the club as a way of getting around the Football Association's ban on third-party ownership of players.

However, after reviewing the published footage, the club have claimed that there is no evidence of Cellino trying to bend the rules as he was simply discussing investment opportunities, which is legal.

Leeds's statement - released on their official website at midnight - read: "The club has reviewed the supposed 'evidence' that Daily Telegraph have published tonight. 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.

"This is plainly not a suggestion as to how to circumvent the rules, but rather, an accurate albeit concise explanation of how to operate within the confines of the rules and effectively become 'the club'. The club intends to make no further comment on this non-story."

Queens Park Rangers manager Jimmy Floyd Hasselbaink and Barnsley assistant Tommy Wright have also been implicated in The Telegraph's investigation.