The trustees of the Chelsea Foundation made a serious incident report to the Charity Commission after Blues owner Roman Abramovich announced his intention to place stewardship of the club in their hands.
The Charity Commission has confirmed receipt of the report, and is seeking further information from the trustees following Saturday night's announcement.
It is understood the Foundation's six trustees held a meeting on Sunday and are seeking legal clarity and advice from the Commission over how, and whether, the Russian billionaire's proposal can be enacted.
Trustees are understood to be concerned over conflicts of interest which may arise from them holding stewardship of the club, and whether a suitable legal structure can be put in place to afford them stewardship that falls within Charity Commission guidelines.