Parramatta have declared they have nothing to hide as the NRL prepare to investigate alleged salary cap breaches from the 2004 season.

Recently elected chairman Roy Spagnolo is accused of providing a "guarantee" to players that they would make money out of his investment property tips if they remained at the Eels, or he would cover the loss.

It has been reported at least two players invested $50,000 in land and later sold it for a $50,000 profit.

His comments have prompted an investigation by NRL salary cap auditor Ian Schubert who is expected to meet with Eels officials later this week.

The Eels however maintain they have done nothing wrong and released a statement on Monday.

"The Parramatta NRL club is committed to working with the NRL in relation to any alleged salary cap breaches recently reported," said the statement.

"The club is an open and transparent organisation and is happy to meet with the NRL to discuss the matter.

"The club is adamant that no breach took place, however it will assist in ensuring this matter is investigated thoroughly."

NRL boss David Gallop confirmed the allegations against the Eels would be fully investigated.

"It is good to see that the club is offering its full cooperation in a review of the issues," Gallop said.

Spagnolo slammed claims he had rorted the salary cap on Monday, but confirmed he had provided a guarantee to players if they invested their own money into property.

"We said we will guarantee you won't lose your money," Spagnolo told the Sydney Morning Herald.

"Is there something wrong with that? Is it a salary cap rort because I guarantee this guy his money?

"I guaranteed blokes you will not lose your money, if there is something you want to go into. I will not let you lose your money.

"I would never let them lose their money ... it's got nothing to do with the salary cap, absolutely nothing.

"The only thing I have ever done is guarantees with this other gentleman (property developer Vince Lombardo). We pay out of our own pocket, with hard-earned cash out of this pocket, to look after this family of ours - this big extended family of ours.

"Why do we do that? Because we want the players to stay here and we want to encourage them ... by directing them in the right places to invest."

Meanwhile Spagnolo has denied reports that he and former club chief executive Denis Fitzgerald had a blazing row in a function room after Parramatta's 38-34 loss to Penrith at CUA Stadium on Sunday.

It has been reported that Spagnolo threatened to "bury" Fitzgerald.

"A conversation took place between Mr Fitzgerald and myself, however no threats were made, we shook hands at the end and moved on," Spagnolo said.

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