Leeds owner Andrea Radrizzani says Financial Fair Play rules must be enforced around the Saudi-led takeover of Newcastle United to ensure the 20 Premier League clubs are "playing the same game".
Instead the Public Investment Fund (PIF), which provided 80% of funds for the deal, is seen as separate to the state.
This is despite the Crown Prince of Saudi Arabia, Mohammed bin Salman, being listed as chair of PIF.
"If the rule allows the sovereign fund to buy the club, that is totally fine," said Radrizzani, speaking at the FT Business of Sport US Summit.