that Mayflower FC were on their way to a social at local nightclub when the alleged incident took place on Wednesday night.
The student who posted the video on Snapchat told The Tab: "I never intended to say the word.
"I was drunk. I'm not racist."
Leaked screenshots of the team's group WhatsApp appear to show team members joking about the social.
The boy who originally posted the story says: "The bus journey was a highlight".
While others dubbed the social "class" and "a good laugh".
'DISGUSTING'
Mayflower FC has said the player who filmed and took part in the chanting will be removed from the club.
The social secretary told The Tab: "We do not by any means condone this disgusting behaviour.
"There should be a zero tolerance from the whole of society on comments like this", adding that the incident 'tarnishes' both Mayflower FC and football as a whole."
The university has confirmed the matter is being dealt with internally, and has not been reported to police.
Professor Mark E. Smith, President and Vice Chancellor said: “The University and the Students’ Union will not tolerate any form of racist behaviour by anybody at the University and we have taken action on this as a matter of urgency.
Prof Smith said the University "was working swiftly to identify the individuals responsible for those appalling scenes" and would face "rigorous" disciplinary proceedings once identified.
It comes as figures revealed hate crime has rocketed to a record high in the last year, with transphobic abuse seeing the biggest rise.
Overall reported hate crimes was up ten per cent in the past year and has more than doubled in six years in England and Wales.
Racist hate crimes made up 76 per cent of the overall total, up 11 per cent in the last year from 71,264 to 78,991.
In a statement, Hampshire Constabulary said they were "aware" of the video posted online but that it had not yet been reported.
They added: "The use of racist language could constitute an offence and if anyone present was caused harassment, alarm or distress by this incident, they are encouraged to report this to Hampshire Constabulary on 101."