Birmingham City have released a further statement concerning the arrests of co-owner David Sullivan and managing director Karren Brady.
The pair were questioned by City of London Police on Wednesday as part of their ongoing investigation into football corruption.
The statement read: "We wish to clarify the situation regarding the City of London Investigation.
"The City of London Police investigation is focusing on payments to a football agent and two players, dating back to 2002/2003.
"There is absolutely no allegation that any Director of the Company or the club itself have benefited financially from any of this activity.
"In so far as there may be any implications for the Company, these are not considered material to its financial affairs and they are in relation to the payment, or possible non payment of PAYE and National Insurance contributions.
"The club and its Directors are co-operating fully with the police in this investigation and will continue to do so.
"For the avoidance of doubt we wish to make it plain that David, Karren and Birmingham City FC deny absolutely any wrong doing."
Shares in Birmingham City PLC were temporarily suspended on Thursday morning but trading resumed a few hours later.