Tebas, who has been in charge of the Spanish league for six years, hit out at both clubs for ‘inflating the market’ when it comes to signing players.
City are currently being investigated by UEFA for alleged FFP breaches while PSG have faced similar allegations in the past.
Pep Guardiola’s side claimed a domestic treble this season while the Ligue 1 club won their sixth league title in seven seasons.
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Speaking at the Financial Times’ Business of Football summit, Tebas said: “There are clubs who could not care less what their real incomes are when they want to sign a player because they receive incomes from a state.
“It forces other clubs into an economic situation which is really living on the edge. It skews the balance of the entire European football structure.
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“This is no longer sport. This is no longer an industry. It becomes more like a toy, the plaything of a state. And when it’s a plaything, kids start playing with other kids. You end up ruining the entire system.