Snooker world number one John Higgins has been suspended from all tournaments after reportedly agreeing to take a £261,000 bribe to lose frames.
World Snooker chairman Barry Hearn said he had to take "drastic action" following the News of the World report.
The paper says it has video of Higgins and manager Pat Mooney making a deal.
Mr Mooney is quoted as saying they feared for their safety at the time. There is no suggestion Higgins has ever thrown a frame or fixed a match.
Mr Hearn also told the BBC Mr Mooney had resigned from the board of the World Professional Billiards and Snooker Association (WPBS), whose commercial arm is World Snooker.
'Huge shock'
The promoter warned the "survival" of snooker was now "under pressure".
"It was as if someone kicked me in the stomach. We are working very hard on the reinvigoration of the game and this is a huge backward step," he said.
"Those responsible, if proved, will be dealt with in a very harsh and brutal way. People have a right to see pure sport - that's what I want snooker to be."
Earlier he said he was "absolutely mortified" and the story had come as a "huge shock".
Mr Mooney is reported to have told the News of the World: "You have no idea what the circumstances were in Kiev, that's why I have no comment.
"But we were genuinely in fear for our safety."
The paper says three-time world champion Higgins refused to comment. Neither Higgins nor Mr Mooney has commented since the publication of the story.
It alleges the sports star inquired at the meeting about the best ways to conceal the 300,000 euros ($398,000) to be received for losing frames in four separate matches later this year.
Expansion plans
In a published transcript, Higgins, 34, from Wishaw, North Lanarkshire, says it would be easy to affect the outcome of a frame.
Many bookmakers now offer the option of betting on individual frames.
Barry Hearn
Hearn plots snooker revolution
Mr Hearn recently proposed an overhaul of the sport including rule changes and boxing-style introductions for the players.
Earlier he told BBC Radio 5 live: "I'm absolutely mortified by it [the story]. I've known John Higgins for a long long time.
"Pat Mooney is a co-director of the WPBSA, the governing body of snooker, and it's come as just a huge shock and obviously an enormous blow to the integrity of the sport which is vital as everyone knows for the expansion plans we have."
He said the newspaper allegations had forced him to consider his plans for the sport.
"I want to meet with the players on Wednesday anyway to discuss it. And this is now top of the agenda," he said.
The World Snooker Championship final begins in Sheffield later.
Higgins, who was made an MBE in 2008 and is married with three children, is the current world champion and provisional world number one and has won a total of 21 ranking titles.
He was unexpectedly knocked out of the current tournament in the second round by veteran Steve Davis.
World Snooker chairman Barry Hearn said he had to take "drastic action" following the News of the World report.
The paper says it has video of Higgins and manager Pat Mooney making a deal.
Mr Mooney is quoted as saying they feared for their safety at the time. There is no suggestion Higgins has ever thrown a frame or fixed a match.
Mr Hearn also told the BBC Mr Mooney had resigned from the board of the World Professional Billiards and Snooker Association (WPBS), whose commercial arm is World Snooker.
'Huge shock'
The promoter warned the "survival" of snooker was now "under pressure".
"It was as if someone kicked me in the stomach. We are working very hard on the reinvigoration of the game and this is a huge backward step," he said.
"Those responsible, if proved, will be dealt with in a very harsh and brutal way. People have a right to see pure sport - that's what I want snooker to be."
Earlier he said he was "absolutely mortified" and the story had come as a "huge shock".
Mr Mooney is reported to have told the News of the World: "You have no idea what the circumstances were in Kiev, that's why I have no comment.
"But we were genuinely in fear for our safety."
The paper says three-time world champion Higgins refused to comment. Neither Higgins nor Mr Mooney has commented since the publication of the story.
It alleges the sports star inquired at the meeting about the best ways to conceal the 300,000 euros ($398,000) to be received for losing frames in four separate matches later this year.
Expansion plans
In a published transcript, Higgins, 34, from Wishaw, North Lanarkshire, says it would be easy to affect the outcome of a frame.
Many bookmakers now offer the option of betting on individual frames.
Barry Hearn
Hearn plots snooker revolution
Mr Hearn recently proposed an overhaul of the sport including rule changes and boxing-style introductions for the players.
Earlier he told BBC Radio 5 live: "I'm absolutely mortified by it [the story]. I've known John Higgins for a long long time.
"Pat Mooney is a co-director of the WPBSA, the governing body of snooker, and it's come as just a huge shock and obviously an enormous blow to the integrity of the sport which is vital as everyone knows for the expansion plans we have."
He said the newspaper allegations had forced him to consider his plans for the sport.
"I want to meet with the players on Wednesday anyway to discuss it. And this is now top of the agenda," he said.
The World Snooker Championship final begins in Sheffield later.
Higgins, who was made an MBE in 2008 and is married with three children, is the current world champion and provisional world number one and has won a total of 21 ranking titles.
He was unexpectedly knocked out of the current tournament in the second round by veteran Steve Davis.