"Big traditional clubs" can feck off.
I don't think that the elite should stay as the elite either, but I don't think being able to self sponsor and pump in millions of pounds elsewhere is fine either.
Having a rich owner I don't see as a fair way to go about football.
The reason the Saudis and Abu Dhabi are pumping in so much money is they are so oil dependent that they seek other assets, the UAE goes for tourism. Saudi is following suit trying to open to tourism, but they want assets too, so they own buildings in places like London, and they also go to get football teams.
The UAE then sponsors teams, gets the naming writes to stadiums such as Emirates, and at the same time creates an asset worth $1bn+.
All the state wants in that case is a commodity or an asset worth that much, promoting Emirates and Etihad airlines, a football club, it's all about ownership of something that gives exposure to the country.
Saudi wants to be in the spotlight too so they will do their best to get Newcastle to the top, make an attractive brand and somehow promote Saudi in the process (even if its through brand recognition).
It's all about creating an asset, I'm honestly not a huge fan of pumping in money outside of football, doing it via a youth academy and building that way is fine.
What PSG did with Neymar and Mbappe was far from the clubs revenue and should be far from legal.