Allardyce was accused by two agents of taking bribes to allow transfers involving their clients to go through smoothly, while Craig, a former agent himself, was secretly filmed saying he could give access to his father in return for cash.

The Bolton boss is considering taking legal action against the BBC because he believes the Panorama programme has no proof to back up their allegations.

But he was still devastated to watch his son taking advantage of his father's position to boost his own reputation.

Allardyce said: "As a father of course it is painful to watch your son talk tall and exaggerate his influence for financial gain.

"But I am very angry at the lies told about me. The individuals who appeared in the programme making accusations against me have already confirmed in writing to my lawyers that they lied to the BBC.

"They lied in the hope of being able to make millions offered by the BBC undercover reporter to buy their sports agency businesses.

"As a result of their greed my good name has been tarnished by deceit and innuendo.

"I am determined to clear my name and have asked my lawyers to determine my next steps.

"Until I have had the opportunity of taking that advice it is difficult for me to say any more at this stage."

The English Football Association (FA) will investigate the allegations about illegal payments made by the BBC against the Allardyces, Newcastle assistant manager Kevin Bond and agents Charles Collymore and Peter Harrison.

The FA will refer any evidence about French-licensed agent Teni Yerima, who claimed to have paid Allardyce to do deals, to the sport's world governing body FIFA and the French Football Federation.

A joint probe by the FA and Premier League will also be launched into claims by Harrison that Chelsea's director of youth football Frank Arnesen, Liverpool and Newcastle had all offered a Middlesbrough youth player money to move to their clubs.

Arnesen and a Liverpool official were filmed by Panorama trying to tempt Nathan Porritt to leave Middlesbrough, and Newcastle were also alleged to have done so.

The joint investigation will also investigate Bolton's signings of Japan's Hidetoshi Nakata, Israel's Tal Ben Haim and Oman's Ali Al-Habsi as all three deals were mentioned in the programme.

Bolton chairman Phil Gartside, an FA board member, will also be spoken to after he was captured on the film discussing a deal to sell Nigeria's Jay-Jay Okocha even though he later complained in the media about agents trying to unsettle the player.