Manchester City's owners say they are considering legal action after La Liga president Javier Tebas accused them of "financial doping".
Tebas, head of Spain's top flight, said City and French club Paris St-Germain had spent money from outside football and action should be taken to stop it.
City's summer outlay of £215m was the most by any club in a transfer window.
"Mr Tebas' statements are ill-informed and in parts pure fiction," said the City Football Group (CFG).
"As you would expect, Manchester City Football Club and the City Football Group are seeking appropriate legal counsel and will act accordingly on that advice."
City were taken over by the Abu Dhabi United Group in 2008.
"I need more money from TV, otherwise Manchester City with its oil will take all these players," Tebas said at the Soccerex conference in Manchester on Wednesday.
European football's governing body Uefa has already said it has no plans to investigate City over the Premier League club's financial situation.
It is understood Tebas met City chief executive Ferran Soriano at the club's Etihad Stadium on Wednesday afternoon.
The French football league has also criticised Tebas.
"The league strongly condemns the insulting comments regarding PSG made today by the president of La Liga," it said in a statement.
"These undignified comments do not live up to the standards of an institution as respectable and high-performing as the Spanish league."