The Charity Commission has contacted the trustees of the charitable foundation set up by the cyclist Sir Bradley Wiggins to ask how its funds are being spent and to remind the charity to be more transparent with donors.
The Bradley Wiggins Foundation was registered with the commission in October 2012, with objects including promoting community participation in sport.
The charity, which has not yet filed any accounts with the regulator, lists Wiggins, his wife Cath, also a cyclist, and two others as trustees.
The charity’s website, which consists of four pages containing very basic information, says it supports the Wiggle Honda women’s pro cycling team and the An Post racing team, and has sponsored a series of races at Salt Ayre in Lancaster.
A report in the magazine Cycling Weekly says that supporters who gave "thousands of pounds" to the foundation have been "left in the dark" about how the money has been spent.
A Charity Commission spokeswoman said: "We have been made aware of concerns about how the charity is spending money that has been donated to it. We are contacting the trustees to clarify how the funds are being applied and remind them of the need to be open and transparent in dealing with donors and the public in accounting for how the charity’s funds have been used."
Third Sector was unable to contact anyone from the foundation for comment.