Richard Caborn has called a summit meeting in a bid to prevent the Premier League becoming "a billionaire's playground" for foreign owners.
Caborn has organised a meeting involving himself, Treasury officials, Premier League chief executive Richard Scudamore and chairman Sir Dave Richards, FA chief executive Brian Barwick and Football League chairman Lord Mawhinney for talks on the increasing number top-flight clubs in foreign hands.
It comes after former Thailand prime minister Thaksin Shinawatra, who is set to take over Manchester City, was described by an MP in Parliament as "unsavoury".
Manchester United, Liverpool and Aston Villa are now under American ownership, while foreign investors are circling the likes Arsenal, Birmingham and Blackburn and clubs such as Chelsea, Portsmouth, West Ham and Fulham are in non-British hands.
The meeting will also investigate the effectiveness of the 'fit and proper person test' for club owners and directors currently used by the leagues and the FA.
Caborn told the House of Commons: "I think the commercialisation, indeed foreign investment, has actually helped the Premier League.
"It is the best in the world, watched by 1.5billion 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 grassroots, the communities from which those clubs came indeed, are respected.
"I am meeting the FA, the Premier League and the Football League with Treasury officials (on Tuesday) to look at this question of ownership and a number of other issues.
"We will also look at the 'fit and proper person test' and see whether it is the right tool."
The Premier League have always insisted they have no issue with the nationality of club owners, but will use the meeting to try to make it easier to carry out 'fit and proper person' checks through other government departments such as the Department for Trade and Industry and the Foreign Office.
Caborn did not mention any clubs specifically but the whole issue about ownership has been highlighted by the takeover of Manchester City.
Shinawatra has been charged with offences of corruption in Thailand and has had his assets in that country frozen. He claims that is a politically-motivated move by the military junta that deposed him.
Labour MP David Taylor, who represents Leicestershire NW, questioned the effectiveness of Lord Stevens' recent inquiry into illegal payments and asked Caborn whether the issue of foreign takeovers needed urgent attention.
He told the House of Commons: "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 Shinawatra or is it forever the fate of football fans to be fleeced by flaky foreign financiers?"
If and when Thaksin's takeover is completed it will mean six out of 20 Premier League clubs are in foreign hands, with a number of others including Arsenal and Blackburn provoking interest from overseas.