this is rawk in a nutshell
Why do some people seem to believe that the PL does not want to go after City for fear of losing money? I can't wrap my head around it. The PL would not lose a dime if City was relegated. It makes zero sense.
My guess at an answer would be -
The wealth around the City model will give various revenue channels to Prem League that are somewhat unique to sportswash.
The (often illegal) money pumped in has brought a host of top talent to the league (Haaland, KDB, Aguero, Toure, Silva, Rhodri, countless fullbacks etc.) that may have gone outside PL without City sportswash money. This has put a fake shine on the PL “product”. Plus Top managers.
City have won a shitload of trophies that might (after 115 charges) be void making a joke of the PL “product” with likely value repercussions.
City won the Champions League, which might possibly/probably have gone to a team in another European league in their absence (This is a big PL plus on the “brand”.)
Thats before you add in anything potentially dodgy paid to the premier league or Sky/BT to guarantee to boost the City brand and how deep the PL is into promises with the UK government on UAE relations etc.
There is a shedload of money connected to the City sportswash project and a sportswashing club doesn’t need to balance the books or make a return on investment. So it can almost be a limitless and uncontrolled revenue stream for the PL (as it kind of has been up to now)
Additional - City owners also have invested in using/controlling the PGMOL, which makes the whole model even more messy and difficult for PL to clean up.
I’m sure there’s more reasons.