Speaking at the Leaders in Football conference at Stamford Bridge, FA chairman Lord Triesman and Premier League chief executive Richard Scudamore voiced opposing views on the dangers of foreign ownership – one of the sport's most contentious issues – and whether the rules needed tightening up.

Revealing English clubs currently owe an estimated £3bn, Lord Triesman said this posed a "terrible danger" in the current global climate.

"Transparency lies in an unmarked grave," Lord Triesman said. "We now have a position where it is very hard to track things. It is not transparent enough and we don't know if we are able to track it, if the debt is held by people who are financially secure or not.

"More and more clubs are in trouble, with a number of owners leaving abruptly."

Reacting to FIFA president Sepp Blatter's outburst that buying a football club was now just as easy as buying a replica shirt, Triesman said he had a point.

"It is certainly true that fans are apprehensive if their club is touted around in the market place. You can't have a complete disregard for people's passion for their club."

Without mentioning any club by name Triesman said the Premier League's fit and proper persons test needed an urgent review.

Speaking later at the same conference, and with Triesman sitting a few feet away, Scudamore defended the clubs' financial affairs as he hit back at the FA.

"The FA themselves know about all these things because they are one of the most indebted organisations in the world," Scudamore said. "Our clubs are all heavily regulated, but they've also got directors and owners who will assess the level of risk of their overall debt.

"This is at the top of clubs' agendas and I think they are managing it responsibly."

On the Premier League's approach to individual ownership of clubs he added: "We are a good example of a self-regulatory progressive organisation.

"The fit and proper person test may perhaps not have the correct name, but it is not inadequate."

As well as tackling debt in his keynote speech on the first day of the two-day conference, Triesman also called on Tottenham to issue life bans to fans who verbally abused Sol Campbell at Portsmouth just over a week ago.