Newcastle became the richest team in England’s top division after Mike Ashley sold the club to a Saudi-backed consortium for £305million last week.
The other 19 Premier League clubs reportedly demanded an emergency meeting with top-flight chiefs amid anger over the takeover.
But former Crystal Palace chairman says they should stay out of it, as long as the takeover has complied with Premier League rules.
“It’s none of my business who owns another football club,” Jordan told talkSPORT.
“If the Premier League’s job to make sure that people meet the obligations that whoever owns a football club has to meet, and that’s the job that they have to do.
“The Premier League is the sum of all of its parts which is the clubs, but the executive side of it which is where Richard Masters and Gary Hoffman sit, they have got to enforce the rules that clubs have voted for.”
Jordan added: “Point me to the rule that says the state cannot own a football club, because I thought Sheikh Mansour was the Prime Minister of UAE. So that’s a state owning Man City, so it already exists.