"Manchester City with all this oil [money] will take all these players and we need to protect ourselves", Tebas said. We can not accept this.
"PSG are laughing at FFP, aren't they?" said Tebas.
City Football Group said the chief of the Spanish's top flight earlier comments at Soccerex regarding the Manchester club were "ill-informed and in parts pure fiction".
PSG, also under the ownership of wealthy Middle-Eastern backers, have themselves taken transfer spending to a new level this summer as they paid £198m for Brazilian forward Neymar and agreed to hand over £166m to sign Kylian Mbappe permanently next year.
It read: "There will be an investigation following the formal complaint filed by LaLiga asking UEFA to inspect Paris Saint-Germain and Manchester City FC for violation of financial fair play regulations".
"There is no investigation into Manchester City with regards to Financial Fair Play regulations".
However, UEFA subsequently moved to clarify that City were not under investigation and called any reports stating otherwise "unsubstantiated".
"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".
The French professional football league immediately defended PSG and said only UEFA could rule on whether clubs met fair play rules.
Tebas' hopes of a similar inquiry into Abu-Dhabi owned City, who spent £220m this summer, were dismissed by Uefa, but the Spaniard refused to back down.
He said: "If I remember correctly, PSG and Man City were sanctioned, but then the sanction was somehow reduced in some odd agreement that was not made public. If we don't control this, the smaller leagues will not grow and the whole industry will be destructured". They were set a limit of 80m euros to spend on their squad by La Liga following an assessment of the club's financial position. We believe the European Union need to investigate, too. "If this player (Neymar) had gone to Manchester United maybe I would not have gone to the courts because this is not financial doping and maybe they have the money to buy this player". "Because there is a value coming from sponsorship outside of the market".
PSG obliterated the world transfer record to bag Neymar from Barcelona in August.
City will not be investigated by Uefa - but Tebas had a dig at Pep Guardiola's side accusing them of cheating the system.
He claimed: "If there is too much money in the market, prices go up".