Ehm, yeah. Since Abramovich took over Chelsea, you've been the most successfull English side
. 5 Premier League titles, 2 Champions League titles, 4 FA cups, 3 league cups, 2 europa leagues.
Since City were purchased by the Abu Dhabi bunch, 12 seasons of football has been played. They've won the league in 5 of those seasons. Depending on the overall league situation, there's always going to be a transitional period, it's a solid return.
The last 10 seasons, Chelsea have won it 2 times, City have won it 5 times.
In terms of being competitive, you've somewhat misunderstood the concept here if you reckon it's competitive because there's potentially 3 sugar daddy clubs fighting for trophies. The effect on the rest of the league means that it's it's pretty much impossible to compete against it, that's why it's uncompetitive. The situation is miles worse than it's ever been. The path of Chelsea, City, PSG, perhaps Newcastle if the deal is completed, is impossible for clubs that depend on their own income. The losses that Chelsea sustained during the majority of time since Abramovich came in, impossible without someone happy to finance it all.
For sugar daddy clubs, it'll probably feel more competitive, but for the league itself it's only going one way...