The Charity Commission said Lutterworth Athletic Football Club were registered as a charity in 2017 to promote “community participation in healthy recreation for the benefit of people in Lutterworth”, mostly through local community football.
The watchdog said the upcoming inquiry would examine the extent to which the trustees were complying or had complied with their legal duties in respect of the administration, governance and management of the charity.
The inquiry will also investigate whether there has been any unauthorised private benefit to the trustees or connected parties including whether conflicts of interest have been “properly managed”.
The Charity Commission said the scope of the inquiry might be extended if “additional regulatory issues emerge”.
The BBC has contacted Lutterworth Athletic Football Club for a comment.
