Manchester United, Chelsea, Liverpool and Manchester City are a quartet of high-profile English club currently under foreign ownership, while reports claim Newcastle United could be the next to follow suit with a South African consortium leading the race to takeover at St James' Park.
"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. Some of these owners prefer horse racing, others like to buy a Formula One team, now buying a football club is the big attraction."
Meanwhile, Blatter fears the current financial downturn could lead to problems for clubs owned by foreign investors.
He added: "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."
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