What Parliament can do is introduce laws which give fans 51% share in the club, so that owners are required to hold a vote on these proposals. Also they can enforce or change the rules on residency and work permits and the legal requirements regarding the ownership of clubs.
This is absolutely what Parliament should do. Enacting the 50%+1 ownership model (at least for the Premier League) would also prevent this or other shameless cash grabs from happening in the future without approval of the supporters. It's a major reason that German football tickets are much cheaper than in England, among other considerations. It would certainly limit the external investment as seen from Abramovich and Mansour, but it would reduce the incentive for leeches like the Glazers, Kroenke, and FSG to try to wring every penny from the clubs at the expense of everything else. Still, there is an incentive to own 49% of a £2-5bn club for the elite clubs although most owners won't want to share control.
There should also be some sort of financial controls to prevent clubs from spending beyond their means and threatening their continued existence. The financial realities of football in England, as well as other countries, have pushed clubs to spend more and more to chase the reward of promotion or the Champions League, jeopardizing clubs like Portsmouth, Bury, Blackburn Leyton Orient, etc. over the past decade.
Ultimately, sports exist for the benefit of their supporters and communities. They should operate solely to perpetuate themselves and to compete at the highest possible level.
In the US, the Green Bay Packers are fan owned (the only fan-owned franchise in American professional sports because the NFL banned it after they joined--can't have teams in tiny towns).