Simon Jordan 'didn't think the Premier League would have the balls' to charge Manchester City with breaking financial rules - but has urged the governing body to 'push hard' against the reigning champions.
Manchester City were charged with breaching the rules more than 100 times in the space of nine seasons on Monday and could be at risk of a points deduction or even an expulsion from the division.
Jordan insisted City, if found guilty, should receive the 'ultimate consequence' for their actions.
The charges against the Manchester club relate to financial information regarding revenue, details of manager and player remuneration, UEFA regulations, profitability and sustainability and co-operation with Premier League investigations.
Jordan, former owner of top flight outfit Crystal Palace, insisted Man City have 'significant questions to answer' in terms of how they have conducted their finances over the past decade.
'Man City have these allegations and charges to answer,' Jordan told talkSPORT. 'I didn't think the Premier League would have the balls to do this and having the balls to make it stick is another matter.
'I have always maintained they have significant questions to answer and this idea that people are xenophobic or have an issue because the ownership model is not one people like because of its ethnicity or persuasion is nonsense.
'It's about the idea that there is an element of financial doping. By that I mean they have been using businesses they own to artificially inflate sponsorship deals that have given them an opportunity to fall within that confines of financial fair play. There are a lot of allegations here.
'The idea that people find quite repugnant, and I have always found repugnant, is the notion that Manchester City can assert that they will tie up every single governing body in sport for tens of years given the financial muscle they've got and the legal recourse they've got for using that financial muscle.
'I hope that the transparency of the situation comes to the fore and people that do wrong, whether Crystal Palace or Manchester City, are given consequences for it. This is quite a comprehensive scenario where you've been investigating for four years.'
Jordan observed that the Etihad chiefs had only recently 'traded' players in the transfer market, previously recruiting a glut of new talent without offloading any stars in the process.
Since financial allegations have been made against them, City have started to sell star players more frequently, with the likes of Gabriel Jesus, Raheem Sterling and Oleksandr Zinchenko all leaving the club last summer.
'Ten seasons before Manchester City changed their direction to trade players. We've seen a difference in Man City over the last couple of years because now they trade players for a profit. Previously they did not. They're not the only club to have this question to answer. But the point here is that the Premier League have surprised me.
'Whether this has the teeth that on paper it looks like, whether they're going to take it to its natural conclusion and really push hard, whether they're going to get rid of conspiracy theories, like Pep Guardiola saying last week that nine football clubs wanted Man City booted out of the league is a different question.
'But what it does is it puts the cat amongst the pigeons in the Premier League. I'd like to think if guilty, they get the ultimate consequences.'
His last remark prompted talkSPORT host Jim White to question what an 'ultimate consequence' would look like. He said: 'Are you talking about being kicked out of the Premier League?'
Jordan replied: 'I'm talking about the consequences of their behaviour over a ten-year period. If they're found guilty of ten years worth of financial misrepresentation, what do you think that looks like? What do you think that means?'