E manager Tony Pulis has questioned whether Portsmouth would still be on the brink of liquidation if they were not foreign-owned.
Pompey, who are due in court on 1 March to face a winding-up order, are so desperate for cash they have asked the Premier League for special dispensation to sell players outside the transfer window.
The bottom-of-the-table club has had four different owners this season, including short-lived spells under Sulaiman Al-Fahim and Ali Al-Faraj, which coincided with their finances unravelling spectacularly.
“You have to wonder how a club with such stature like Portsmouth can find themselves in this situation,” said Pulis.
“We need to find out the pitfalls and whether it was to do with foreign owners and foreign investment. We now have more foreign owners in this country than ever before.
“The Premier League and the Football Association have a responsibility not just to clubs but to the communities who support them.”
Portsmouth are seeking an injection of funds before their court date in order to avoid becoming the first top-flight club to go into administration or liquidation. Pompey said last week that talks were ongoing with two parties interested in buying out Hong Kong-based Balram Chainrai, their latest low-profile owner.
Even if Premier League chiefs give Portsmouth permission to trade after the deadline, the final say is likely to rest with world governing body Fifa.