Bryan Robson is seeking legal advice after an undercover documentary alleged he could help foreign investors avoid strict rules on football ownership.
In Channel 4's Dispatches - How to Buy a Football Club, Robson is heard saying: "I disagree with people when they say football is a sport.
"Football lost its sporting thing when the money started coming in and Sky TV and all that. Football's a business."
The Manchester United ambassador appeared on behalf of London Nominees Football Fund, a football investment group.
The group were offering to act as the middleman in the purchase of a football club on the condition that they were given a 20% share in the club and a 5% management fee.
Robson was accompanied by Joe Sim, his then boss at the Thailand FA, who claimed he could get Sir Alex Ferguson to loan players to any purchased club.
Sim verified his relationship with Ferguson by showing one of the undercover reporters a picture on his mobile phone of himself with the Scot.
However, the Manchester United manager's lawyers have said the relationship has been exaggerated.
"I am aware of (but have not yet seen) the Channel 4 production - Dispatches - How to Buy a Football Club," said Robson.
"I am appalled to learn that footage has been edited to suggest that I was involved in an attempt to try and breach these rules - which is something I would not do. As a result of this, I am taking legal advice on the way forward."
The former England captain has recently been recovering from surgery to treat throat cancer.
Jack Prescott
