Australian police on Wednesday said they were not investigating the owner of Spanish club Racing Santander, Ahsan Ali Syed, in connection with allegations over his business conduct.
Australian media reports have called into question Indian entrepreneur Ali and the business practices of his wealth management company Western Gulf Advisory, but Ali has denied what he termed "serious allegations", saying they were false and defamatory.
The Australian Federal Police (AFP) force said it was aware of the media reports but was taking no action at this stage.
"The AFP has not received any referrals in regards to this matter," it said in a statement.
"The AFP has evaluated the matter and will not be progressing it any further. Should the AFP receive further information it would be assessed accordingly."
Ali has dismissed the allegations, and Western Gulf Advisory, which is based in Bahrain and Switzerland, has threatened legal action against anyone repeating details of them.
Businessman Ali bought Racing Santander in January for an undisclosed amount but Spanish newspaper Diario Montanes put the price at 30 to 40 million euros.
The club, based in the northern port city of Santander, have never won a major title in their 98-year-history.
On his company's Internet site, Ali says he has been an advisor to "sovereign clients and high net worth individuals".
"One of the main reasons Mr. Ali started his own asset management company was that he believed in his own ability and qualifications to manage and invest his wealth," the site says.