Bolton Wanderers chairman Phil Gartside has voiced fears that too much foreign investment will damage the Premier League.
He said: "The trouble is that the more foreign owners you get, the greater the danger of the balance of power changing.
"Football, as it has been regulated for years, could be in danger. If the foreign owned clubs gain a majority and decide to get together, they could start to dictate how the league is run.
"Here at Bolton we are still classed as a club that is owned by its roots, by people who still have a vested interest in making Bolton successful and not purely for financial gains. That's the way we'd like it to stay but, in reality, it's a difficult balance to achieve.
"Manchester City fans, for instance, probably aren't going to care where their transfer funds come from if they see their club signing players for big fees. 'We are not blind to exploring investment in the club but we are also mindful of the future ownership and ensuring it remains in the hands of people who are interested in the well-being of Bolton.
"We would welcome investment, but it does matter where it comes from. If the right offer was put on the table, we'd have to look at it because we are mindful that we are custodians and not just owners. To date, however, we have had no approaches."