Fleetwood have been cleared of any wrongdoing following an investigation into claims from Wycombe Wanderers striker Adebayo Akinfenwa he was repeatedly called a 'Fat Water Buffalo' during last season's League One play-off semi-final.
Akinfenwa alleged after the match a "representative of the opposition" had made the remark during the second leg of the play-off tie at Highbury Stadium in July and said at the time it "dehumanises me as a black man".
The 38-year-old, who has been at Wycombe for the last four years, also said in a statement, amid the Black Lives Matter movement, 'we as a sport and as society must wake up' as he called for more to be done to tackle racism.
The FA said in a statement explaining their decision that they were "entirely satisfied" that the alleged words had been used by a member of Fleetwood, but there was "insufficient evidence" to prove a rules breach.
A FA statement read: "The FA interviewed a number of witnesses, including players and staff from WWFC and FTFC, as well as two match officials.
"The witness accounts all confirmed the use of the term "water buffalo" or "buffalo". However, some witnesses did not consider the term to be discriminatory and did not consider it to have been used in a discriminatory manner.
"Others were unsure whether the term was discriminatory. Some witnesses stated they did consider the term to be discriminatory. The match officials confirmed that they had received no complaint regarding the comment either during or after the game and so the discrimination protocol had not been enacted.
"Both match officials confirmed that the alleged term had been used. One of which confirmed it was during a dialogue between himself and a member of FTFC during which the member of FTFC was describing the actions of the WWFC player.
"Both match officials confirmed that they had not interpreted the words to be discriminatory in either nature or context which was why no red card had been issued to the member of FTFC."
The FA also commissioned a report from an independent expert in race relations, who concluded that the words were not "objectively racist".
"This decision was based on the specific circumstances of the reported incident," the FA statement added.
"Whilst on this occasion the words have not been deemed to be discriminatory, The FA understands the offence that has been caused to the WWFC player by their use."
Wycombe went on to secure promotion to the second tier of English football for the first time in their history as they beat Oxford 2-1 in the League One play-off final at Wembley.