Lancashire Police have taken no further action against Karl Oyston after a supporter alleged that a gun had been brandished during an argument between the two.
Stephen Reid claimed that Oyston threatened him with a shotgun last Thursday outside Blackpool's Bloomfield Road stadium.
The police are understood to have reviewed CCTV footage and decided that Oyston did not wield a firearm, but have warned him about his future conduct.
"We received a report of an altercation between two men outside Blackpool Football Club at shortly after 11.30am on Thursday, June 25," read a police statement. "An allegation was made that a firearm was brandished during the incident
"Following a thorough investigation it was established that at no stage was a firearm brandished or used to threaten any other party and no criminal offences were committed."
Oyston has history of clashing with supporters; last month he was handed a six-week ban from football and fined £40,000 by the Football Association for a text-message exchange in November when he called supporter Stephen Smith a "retard".
Pascal Lemesre
