QPR manager Jimmy-Floyd Hasselbaink has denied any wrongdoing amid allegations he negotiated a £55,000 fee to serve as a sports ambassador for a company that wanted to sell players to his club.
Hasselbaink was filmed allegedly negotiating a fee with investors in a firm from the Far East that was keen to be involved in the transfer activity at QPR.
The claims come after England parted company with manager Sam Allardyce following apparent remarks, made in a video recorded by undercover reporters, in which he offered advice on how to circumvent rules on transfers involving player under third-party ownership.
In a statement released by QPR, Hasselbaink said: "I have today, through my lawyers, responded in full to the accusations levelled against me by The Telegraph.
"I was approached by Mr McGarvey and Ms Newell of The Telegraph purporting to be players' agents. They offered me a fee to make a speech in Singapore. I do not see anything unusual in being offered to be paid to make a speech.
"I did not make any promises in return. I did not ask QPR to purchase any of the players who were said to be managed by Mr McGarvey and Ms Newell and did not and would not recommend the purchase of a player for my personal gain. I deny any accusations of wrongdoing on my part."
QPR confirmed they will be conducting their own investigation but stressed they have confidence in Hasselbaink and the "robust" systems and processes in place at the club.
The Telegraph also alleged that Barnsley assistant Tommy Wright took a £5,000 payment to help bring players into the club.
A Barnsley statement read: "Barnsley FC is aware of allegations made by the Telegraph against Tommy Wright. The club has today suspended Tommy pending an internal investigation into these allegations."