The corruption investigation which led to the arrest of Birmingham City executives Karren Brady and David Sullivan is focused on payments to a football agent and two players, the club has revealed.

Shares in Blues were suspended on the London Stock Exchange this morning after it emerged managing director Brady and co-owner Sullivan had been interviewed by police.

Brady, 39, and Sullivan, 59, were questioned and bailed by officers from City of London's economic crime unit, who raided the club's offices last month.

Today, the club said in a statement: "The City of London Police investigation is focusing on payments to a football agent and two players dating back to 2002-03.

"There is absolutely no allegation that any director of the company or the club itself has benefited financially from any of this activity."

The statement, released to "clarify the situation", continued: "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 wrongdoing."