FIFA president, Sepp Blatter has called for stricter rules on foreign ownership of clubs in the UK and abroad.
Speaking to reporters at the European Parliament, Blatter said: "Something has to be done about these billionaire owners. These days you can buy a club as easily as you buy a football jersey. There is something wrong and that's why I ask the European Union to act. This is not just about England where the problem is acute. This will spread across Europe."
The BBC reports that Blatter, who is concerned for the fate of clubs such as Manchester City should the economic downturn affect foreign owners, met EU lawmakers on Monday to discuss overseas investment in football, among other issues.
Blatter added that while there was "no single remedy", he believed owners should have an association with the area before buying a club.
"There are national laws in Switzerland, for example, when you buy property or make an investment, you must prove yourself," he explained.
"You have to prove your link with the area. We must ask ourselves about what motivates these owners and are they really interested in the game or just making money? There must be better control of football's finances especially in the difficult climate we are facing. I urge UEFA to work with the EU to tighten up the rules, otherwise there will be big financial difficulties in the future."
Manchester City was acquired by the Abu Dhabi United Group in September and was the latest Premier League team to benefit from wealthy foreign investment.
