UK Sports minister Richard Caborn attempted to call a summit meeting of football leaders to discuss the issue but the parties were unable to agree a time, reported London-based Sportinglife online.

The online quoted a Premier League spokesman as saying, "We are happy to discuss the legal framework currently offered by government in relation to takeovers and mergers of UK companies, and how this relates to the ownership of football clubs."

It follows an MP using Parliamentary privilege to describe Thaksin, the ousted PM, set to take over Manchester City, as "unsavoury."

Labour MP David Taylor, who represents Leicestershire NW, told Caborn the issue of foreign takeovers needed urgent attention.

Taylor told the House of Commons on Monday: "The Stevens inquiry into corruption has shrunk to investigating just 17 transfer deals whilst wide concerns about the vulnerability of clubs to takeover by international moguls and politicians remain unaddressed.

"Will you say what protections, for instance, the Manchester City supporters have against the attentions of the unsavoury Thaksin or is it forever the fate of football fans to be fleeced by flaky foreign financiers?"

Thaksin has been charged with offences of corruption in Thailand and has had his assets in that country frozen. He claims the charges are a politically-motivated move by the military junta that deposed him.

Caborn replied to Taylor that he wanted to avoid the top flight becoming "a billionaire's playground".

"I think the commercialisation, indeed foreign investment, has actually helped the Premier League," Caborn said. "It is the best in the world, watched by 1.5 billion people around the world every weekend.

"But I think we have got to make sure the Premier League does not turn into a billionaires' playground. I think we have got to make sure that the grass roots, the communities from which those clubs came indeed are respected."