Aberystwyth University men's cricket club (AUMCC) was investigated by the students' union (SU) after claims the club had breached its code of conduct and brought the SU into disrepute.
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All sports clubs are required to follow the union's "zero tolerance of sexual harassment" policy, which states "unwelcome sexual invitations, innuendos and offensive gestures" should not go unpunished. The club was found to have broken the policy by letting the student wear the offensive t-shirt, Aber Student Media reported.
The SU's activities officer Liv Prewett, said: "Sexual harassment is not tolerated by Aberystwyth student union.
"All affiliated sports clubs and societies should understand the severity of this case and any further incidents of the kind will be dealt with in the same manner.
"I am deeply disappointed and have openly expressed my disgust."
A spokesman for AUMCC said: "We understand the severity of the situation and steps are being undertaken to ensure no further offence is caused.
"Nothing of this nature will happen again - any reference to rape in that manner is completely unacceptable and is not, nor will it be, condoned in the future."