The county issued a statement following findings of an investigation conducted by international law firm Squire Patton Boggs that looked into the allegations made by the player.
Some of the allegations of racism were upheld by the panel.
"There were many allegations made against the club most of which relate to a period more than ten years ago. Many of the allegations were not upheld and for others there was insufficient evidence for the panel to make a determination," said the club in a statement.
"It is right, however, to acknowledge from the outset that several of the allegations made by Azeem were upheld and that sadly, historically, Azeem was the victim of inappropriate behaviour. This is clearly unacceptable. We would like to express our profound apologies for this," added the statement.
The county club is yet to release the findings but said it will publish them in the coming days.
"It is inevitable that there is much to digest and we shall have to take advice on the contents of the report," the club added.
"We are mindful that in a process of this nature we have a duty of care to all who participated, and we must not breach that duty. We aim to publish as much of the report and recommendations as we are able, subject to any legal restraints on doing so, in the coming weeks."
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