The British Financial Services Authority (FSA) is investigating the takeover of Chelsea by Russian billionaire Roman Abramovich.
The Stock Exchange's takeover panel says the FSA is looking into "the nature and status of certain shareholdings in Chelsea Village PLC in the period preceding the announcement of the bid" by Mr Abramovich.
However, the statement said the takeover panel understood the enquiries were "unconnected to Chelsea Limited" - the company set up by Mr Abramovich to buy out chairman Ken Bates.
That means the formalities of Mr Abramovich completing his takeover of Chelsea should not be delayed.
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Enquiries of this nature are not uncommon in takeover cases.
PA