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The statement, released via Saddlers.co.uk reads as follows; "Walsall Football Club can confirm that we have been in dialogue with our counterparts from Wolverhampton Wanderers regarding allegations that two of their players were subjected to racist abuse during the course of Saturday’s Sky Bet League One fixture.
"We are taking this matter very seriously and will fully co-operate with West Midlands Police and Wolverhampton Wanderers throughout this investigation.
"Both Wolves and Walsall are fiercely committed to stamping out all types of discrimination within football and will vigorously investigate any and all allegations of racist abuse.
"Should anyone be found guilty of the above allegations, they will be issued with a lifetime ban from Banks’s Stadium. As the matter is being investigated, the club can make no further comment at this stage."