Ex-Liverpool chairman Sir Martin Broughton says nation state funding is "philosophically" a better fit for a club than private equity funds.
Bidders for Manchester United are still waiting to be told whether the Glazer family are willing to sell the club.
Billionaire Sir Jim Ratcliffe and a Qatari consortium have made offers, while involvement from private equity funds has also been suggested.
Broughton said: "Private equity is an unsuitable owner of sports' teams."
"The US doesn't let them buy any sports franchise," added British businessman Broughton, who was chairman at Liverpool in 2010 and also part of a consortium that tried to buy Chelsea last year.