The League Managers' Association claim there was a 'complete lack of substance and evidence' in the Panorama investigation into transfer bungs.
The BBC programme claimed it would uncover 'disturbing evidence of serious wrongdoing in the Premiership' before the screening.
Three agents in the programme accused Bolton boss Sam Allardyce of being willing to accept illegal payments over transfers, while his son Craig was accused of accepting money for his part in two deals, even though the sums were never registered with the Football Association.
A statement from the LMA read: 'As the organisation which represents professional football managers in this country, we were very disappointed with the BBC Panorama programme screened last night.
'There was a complete lack of substance and evidence to the pre-programme assertions and claims which were being made. If the BBC has any hard evidence then it should hand that evidence to The Football Association and Lord Stevens.
'All our members are fully aware of their responsibilities and of the need to act professionally and with the utmost integrity at all times.
'There has been considerable debate about the transparency of the football transfer system and the role of agents both in this country and abroad.
'The LMA supports any full and thorough investigation into these issues and welcomes the publication of the Lord Stevens report in the near future.
'If there is any evidence of financial misconduct within football then let it be brought out into the open and the guilty parties treated accordingly.'