Arsenal have maintained their relationship with Belgian club Beveren is purely based on footballing issues following claims of irregular financial payments in the wake of an investigation by the BBC.
The Newsnight programme, set to be screened on Thursday evening, reveals police in Belgium were alerted to an investment in the club of £1million from an anonymous donor, which the authorities eventually concluded had come from the Barclays Premiership side.
It is well known Arsenal have a deal with Beveren to play friendly matches and loan players, with Ivory Coast defender Emmanuel Eboue having joined the north London club on a permanent deal following a successful spell with the Belgian team.
The Gunners, though, maintain the arrangement is purely on a football level, although confirmed that during 2001 funds were provided "by way of loan....to assist in stabilising the finances of Beveren."
A statement from the English club this evening read: "We do not normally make public our agreements with third parties. However, we can confirm we have had a technical relationship with Beveren since 2001.
"This relationship has a number of benefits to both clubs, such as providing a platform to share coaching methods and techniques as well as facilitating the option of players being loaned between the clubs.
"For example, during the course of the relationship, Arsenal players David Grondin, Liam Chilvers, John Halls and Graham Stack all spent successful loan periods at Beveren as did Emmanuel Eboue, who played in a number of trial matches with us whilst contracted to Beveren.
"Such was the latter player's success, we subsequently signed Eboue on a permanent basis."
Newsnight claim to have seen a witness statement by Beveren chairman Franz Van Hoof to the Belgian police claiming Arsenal were the main shareholder of NV Goal - which effectively controlled the Belgian club.
But Arsenal's statement continued: "We confirm we have never owned, directly or indirectly, any shares in Beveren or had any power whatsoever to influence the club's management or administration.
"We did in 2001 provide funds of 1,570,703 Euros (which equates to £1,077,481.68 today) by way of loan to a member of a consortium who used the money to assist in stabilising the finances of Beveren.
"At no time has anyone at Arsenal been contacted by any regulatory or investigatory body with respect to our relationship with Beveren."
The statement ended: "Arsenal and our staff have acted properly throughout, in accordance with all applicable rules and regulations, and in the best interests of Beveren, Arsenal and the broader footballing community."
Under Rule 3, Section U of the Premier League, English top-flight clubs are prohibited from owning shares in, or making loans to, or being involved in the management of, another Premiership club or a Football League club, but those regulations are not relevant to a club based outside England.
However, the matter is now likely to be further investigated by FIFA, the world's governing body.
FIFA president Sepp Blatter said on BBC Radio Five Live: "Let Arsenal give us, and give especially to the FA in London, a report and then they shall report it later to FIFA."
