BRISTOL Rovers have claimed the Football League and FA have launched an investigation after alleging Wanderers breached third party rules.
The Gas claim Wanderers' intentions to prioritise payments received from future transfer dealings involving former player Matt Phillips to ex owner Steve Hayes constitute third party involvement.
Wycombe have denied the allegations and have said they will co-operate with any investigation from the authorities.
Rovers have said Wanderers should have been docked points after the allegations came to light, which would have led to them surviving in the Football League at Wycombe's expense.
They said in a statement: "Bristol Rovers FC has received responses from both the Football League and the FA to its allegations concerning the competitive advantage Wycombe Wanderers obtained from breaching Third Party Investment Regulations.
"Both the FA and the Football League have indicated they take the allegations seriously and shall be investigating them without further delay. Wycombe Wanderers FC have failed to respond.
"The allegations relate to payments made and agreements in existence during the last season in which Bristol Rovers was relegated on goal difference.
"The Club reserves all it rights following the investigations under way by the FA and the Football League."
Football League spokesman Peter Hannon said: "In light of recent allegations relating to third party investment in players, The Football League has asked Wycombe Wanderers to provide us with information relating to the matter so that it can be considered within the context of our regulations."
Meanwhile the manager of Torquay United - who Wanderers beat on the final day of last season to ensure their survival - described Rovers' attempts at staying up by taking legal action as "futile and pointless".
Chris Hargreaves told the Torquay Herald Express: "No organisation in the world is going to change the relegation placings now. I think it's absolutely futile and pointless."