Tebas launched into a sensational rant on Wednesday, in which he accused both City and French side PSG of 'financial doping'.
The head of Spanish football accused City of spending money from outside of football and demanded that action be taken to prevent this from continuing.
"I need more money from TV, otherwise Manchester City with its oil will take all these players," Tebas told the Soccerex conference in Manchester.
City spent £215m this summer, bringing players such as Ederson, Bejamin Mendy, Bernardo Silva and Kyle Walker to the club.
Following the Ligue du Football Professionnel's condemnation of Tebas' comments, City have now issued their own response.
The City Football Group (CFG) announced that :"Mr Tebas' statements are ill-informed and in parts pure fiction.
"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."