It will be alleged the man produced a knife and started approaching opposition supporters who immediately contacted police.
It's expected the man will be charged on summons with possessing and using a controlled weapon and he will appear in the Colac Magistrates Court at a later date.
Birregurra Football Netball Club President Mick Paddick says the club will continue to work with police in investigating the incident, but confirmed the alleged offender is not a member or affiliated with either club.
"Obviously unable to make any specific comment on the incident as it's a police matter," Mr. Paddick said.
"The league will be investigating it, the police will be investigating the matter and the Birregurra Football Netball Club will also be investigating the matter," he said.
"The alleged incident was carried by a man who's neither a member of the Birregurra or Alvie Football Netball Club."
Any witnesses to the incident with any information including video footage, are urged to contact Senior Constable Laurie Allen at the Birregurra Police Station or call Crime Stoppers on 1800 333 000.