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Crystal Palace fans displayed the banner during Saturday's 1-1 draw against Newcastle United.
Police are investigating a banner that Crystal Palace supporters displayed in opposition to the Saudi Arabian-led takeover at Newcastle United.
After Newcastle's recent sale for 305m, the banner took aim at Premier League's ownership test.
The images included illustrations of a man in traditional Arabic clothes and Richard Masters, the chief executive of Premier League.
The banner contained a list of alleged offenses by the Saudi Arabian regime.
Under the headline "Premier League Owners' Test", were listed the following: "Terrorism and beheading, civil rights violations, murder, censorship, persecution".
A sword with blood was also held by the Arab-style man.
Holmesdale Fanatics, a Palace fan group, has claimed credit for the banner that was displayed at Saturday's 1-1 draw. A statement was issued by Holmesdale Fanatics.
It stated that the Saudi-led takeover of Newcastle had been widely condemned and angered.
"To give the thumbs-up to this deal when the Premier League promotes the women's sport and inclusive initiatives like rainbow armbands is hypocritical and shows the league's soulless agenda, where profits trump everything."
Saudi Arabia's Public Investment Fund (PIF) funded 80% of the takeover, whose chair was Crown Prince Mohammed bin Salman.
The Premier League approved the takeover after it stated that it had been given legal assurances by the new owners that Newcastle United would not be controlled by Saudi Arabia. If it were proven otherwise, it would face penalties.
According to the statement of the fans group, this decision "made a mockery of" the 'Owners & Directors' test.
Croydon Metropolitan Police released this statement via Twitter: "On Saturday 23 Oct police received a report about an offensive banner displayed in Crystal Palace fans' home.
"Officers are currently assessing the information, and conducting enquiries. All allegations of racism will be investigated.
Proud and Palace were also protesting on Saturday. They posted a video to their Twitter account.
BBC Sport reached out to Newcastle, Crystal Palace, and the Premier League for comment. The Premier League declined comment.
