The banner was displayed by Crystal Palace fans during the 1-1 draw at home to Newcastle United on SaturdayPolice say no further action will be taken after a banner displayed by Crystal Palace fans targeted the Saudi Arabian-led takeover of Newcastle United.
The banner took aim at the Premier League's ownership test, following Newcastle's recent £305m sale.
It was displayed during Palace's 1-1 draw with Newcastle on Saturday.
"Following an assessment, officers have concluded that no offences have been committed," said Croydon policeexternal-link.
"No further action will be taken."
The banner featured illustrations of a man dressed in traditional Arabic clothing alongside what appeared to be Premier League chief executive Richard Masters.
The banner had a checklist with alleged offences by the Saudi Arabia regime.
Listed on a picture of a clipboard under the headline 'Premier League Owners Test' were 'Terrorism, beheading, civil rights abuses, murder, censorship and persecution'.
The man in Arab-style clothing was also holding a sword with blood on it.
Palace fan group Holmesdale Fanatics took credit for the banner on Twitter, and issued a statement.
"The Saudi led takeover of Newcastle has rightly received widespread condemnation and anger," it said.
"To give the thumbs up to this deal at a time when the Premier League is promoting the women's game and inclusive initiatives such as rainbow armbands, shows the total hypocrisy at play and demonstrates the league's soulless agenda where profits trump all."
The takeover was 80% financed by Saudi Arabia's Public Investment Fund (PIF), whose chair is Crown Prince Mohammed bin Salman.
When approving the takeover, the Premier League said it had received legal assurances from the new owners that the Saudi state would not control Newcastle United and there would be penalties if it was proved otherwise.
The fans group's statement said this decision "made a mockery" of the 'Owners and Directors' test.
