The FA would not comment on the matter on Wednesday, but it is understood it has now launched an official investigation into the matter.

The FA will now gather more evidence from both sides involved and decide over the next few days whether to charge the Blackpool chairman.

Oyston apologised earlier this week after a series of derogatory texts he sent to Smith were published online in which he called Smith ”a retard” and told him to ”enjoy the rest of your special needs day out”.

Oyston’s words drew condemnation from a number of organisations and many Blackpool fans, who have set up a petition demanding the chairman step down and leave the club along with his father Owen, who owns the club.

The petition, launched on change.org, was set up on Christmas Eve morning at around 10am. Within four hours, 1,000 people had signed the petition, which called on Oyston to ”step down from any position of influence in Blackpool FC immediately”.

The text in the petition says Oyston’s comments make him ”unsuitable to hold a position of influence within our famous community football club.“’

Oyston’s father Owen bought the club in 1987. His son has been chairman since 2000.

Club president Valeri Belokon owns a 20% stake in the club. On Tuesday the Latvian called on the Oystons to relinquish their ownership of the club in light of the latest controversy surrounding the family’s reign at Bloomfield Road.

Belokon told BBC Radio 5 Live he was ”in shock” at the nature of the messages, which he said were ”unacceptable”. He said he would be interested in taking over the club, but only if the Oystons were removed.

Smith has given his backing to Belokon.

”I 100 per cent support Valeri,” Smith said

“I met Valeri in March to talk about the future of the club as I thought it was going in the wrong direction.

”He was a real gent. He talked about how he thought the football club should be run – as a community asset, there for the people, fully transparent... he said there would be no closed doors, and that’s why I support him.”

Even though Blackpool were promoted to the Barclays Premier League in 2010, Oyston has endured a rocky relationship with many of the club’s supporters.

They now sit bottom of the Sky Bet Championship and last weekend they lost 6-1 to Bournemouth.

”I think the Blackpool fans will be more elated if Oyston goes than they were when Blackpool got promoted to the Premier League,” Smith added. ”That’s the depth of bad feeling towards him in the town.”

In October, fans staged a walkout in protest against Oyston’s ownership and fans are likely to voice their dissent during the club’s next home game against Rotherham on December 28.

”A few more people might turn up for the next home game,” Smith said. ”It will put more money in his pocket but given what has happened, the feeling is fans actually want to go to the game to express their anger and I think that’s what’s going to happen.”

Oyston said in his text row with Smith that he would ban the Blackpool supporter, but he intends to go to the game.

”I haven’t had any confirmation off him whether I am banned or not so I think I might try my luck and see what happens,” he said.

Blackpool failed to respond to requests for a comment on Wednesday.