Simon Jordan has warned that foreign owners pumping money into English football isn't sustainable and threatens to undo the football pyramid.
The former Crystal Palace owner has taken aim at the billionaires who have invested in the likes of Manchester City and Chelsea.
The fortunes of Roman Abramovich and Sheikh Mansour have helped turn their respective clubs into global superpowers.
This summer, with football clubs still counting the cost of the pandemic, both City and Chelsea have smashed their transfer records.
Jack Grealish headed to the Etihad for £100m whilst Harry Kane could soon join.
The Blues meanwhile are poised to announce the return of Romelu Lukaku for close to £100m.
But Jordan does not believe the current model, that allows individuals to arrive and pump money into clubs, can last the course.
He said on TalkSport : "Do we want this to just be endlessly an absolutely free for all of financial madness that enables certain types of people to buy football clubs, that don't have football at the centre.
"These people didn’t grow up loving Moss Side or spending time on the King’s Road.
“They buy clubs as there’s an ultimate game plan that suits their agenda - that might mean in the short term, 15-20 years, that those clubs benefit.
"But what it does mean is that the football pyramid becomes unwound. It becomes unsustainable. Sustainable only for those that have more money that God.
"That is not what football it’s not what football’s based upon."
City and Chelsea both claimed honours last term, winning the Premier League and Champions League respectively.
The pandemic has shone a light on the financial gulf that exists between teams in England.
Whilst some, especially in the football league, have had to fight to stay in business others have been able to invest huge sums, creating an even greater chasm between the top and the bottom.
Gary Neville, a pundit and co-owner of League Two side Salford City, has called for an independent regulator to take a look at English football, which came after the attempted Super League breakaway.
He said: "The regulator must safeguard the football pyramid, preserve fair competition, give supporters a voice in clubs, offer a fairer distribution of wealth and have stricter ownership rules.
"I don't see a regulator having to invade football. I don't see this as a risk.
"I'm not against an independent regulator coming in to modernise and restructure the Football Association and then hand it back."
