Lebouef has been a huge critic of the American ownership of the club over the past two seasons.
Having played for both Chelsea and Strasbourg, he was asked about the two clubs being owned by the same group.
He told Get French Football News: “For me it raises a big deontological problem ... it’s not normal and it’s something that I don’t understand. But there you go, it’s the new system, it’s a financial issue. I think it’s good that Chelsea is close to Strasbourg to help them out financially.
“But when you’re not close to a club you can’t give your opinion – you don’t know the region, and you don’t know how football works there. Strasbourg is known as 'little Marseille' – the club belongs to the locals – it’s their club – it would be like asking Newcastle to do whatever Chelsea want.
“You can put money in – no problem – but you can’t be the one making decisions if you don’t know the region, you don’t know how it works. So you need to be really careful because the fans are sceptical, they’re disappointed for the moment because they’re not seeing anything happen.
“And you get the impression that Chelsea are transferring their issues on to Strasbourg – so no players of experience, only youngsters, only trading business, all about the future and nothing for the present. And that raises issues for me, as neither at Strasbourg nor at Chelsea, will it work for me. I don’t believe in it.
“I think it could kill Chelsea, it could also lead Strasbourg towards a slow death. So it can bring money in but at some point you need results and if it’s to end up in Ligue 2, or in the Championship for Chelsea, then it won’t do.”