Agent Pino Pagliara has said that he lied about claims that eight current and former Premier League managers took bribes.
The Italian was one of three agents filmed by the Daily Telegraph making the accusations over player transfers.
However, Pagliara told BBC Sport that he wanted to "impress" the businessmen in order to secure a lucrative contract.
"I allowed them to believe that the managers I was speaking to would not drop the money on the floor if I gave it to them," he said.
A Telegraph statement read: "Our investigations team had numerous meetings and telephone conversations with Mr Pagliara over many months.
"The transcripts of our investigation, which are currently being prepared for the police and the FA, make it very clear what he said about a series of Premier League managers."