Police were investigating the website of the Vanguard Bears, who sponsor Ibrox first team player Robbie Crawford.
The website contains photos of prominent public figures, some dead, with crosses superimposed on to the images.
The photos included one of the late Paul McBride QC and another of lawyer Paul McConville, who died in November.
Police Scotland said officers carried out an investigation, but would not proceed with criminal charges.
Rangers previously confirmed the club was "investigating".