The force said it has completed a "review" of claims it received last year about the Super League club's deal to buy Belle Vue in 2019. No investigation has taken place and the police have not revealed the nature of the allegations.
Trinity bought the ground off property developer Manni Hussain in a £3m deal funded by a loan from Wakefield Council, after the club's ambitions to move to a new community stadium in Stanley fell apart.
However, last June, the LDRS revealed that the deal was being probed by organised crime detectives at the National Crime Agency (NCA), as part of a wider investigation into Mr Hussain's business empire.
Officials from both Trinity and Wakefield Council were understood to have been spoken to by detectives.
Enquiries concluded with the NCA recouping £10m in property and cash from Mr Hussain. Sources close to the investigation said £600,000 of the overall sum came from stadium sale proceeds.
West Yorkshire Police then said in December it was reviewing allegations linked to the deal, though it insisted its probe was unconnected to the one conducted by the NCA.
In a brief statement the force said: "West Yorkshire Police has concluded its review of information received. No investigation has commenced as a result of that review."
Wakefield Council declined to comment.
Wakefield Trinity was contacted for comment but has not yet responded.
Local Democracy Reporting Service