Think about it. Liverpool, Arsenal & the rags have been working together to shape what became the PL since the very early 1980's. Along with Everton & Spurs they were the drivers of the moves to tear up the gate money sharing agreement, do the early TV deals and set up the PL.
They were part of the G-14, which blackmailed UEFA so they got their way over the carving up of the CL, in order to make it a huge money-maker for clubs that finished fourth in their national leagues.
Now, what else links those 3 clubs? The nationality of their owners. All are involved in American sports, which has a completely different ethos from competitions like the PL. The major US sports are designed, in a commercial and financial sense, to maximise the return for their owners. They do this by keeping a lid on costs and there's no relegation, which means that once you're in the elite group, you stay there. There's no loyalty to the city you play in either, something that would be unthinkable in the PL. If you need a new stadium, if your host city won't pay for it, you find one that will. Kroenke has moved his NFL team halfway across the US twice.
They'd love it if their revenue streams were guaranteed and their wage bills were restricted. The best they could get though was the premium from being in the top four. Chelsea they could cope with as there was room for another club but then pesky little City came along and spoiled the party. We could blow them out of the water, buy who we wanted and pay at least double what those clubs were paying their players. All three clubs lost out and two of them aren't in the top four any more.
I'd say one of the reasons Liverpool are competitive (apart from various forms of cheating) is that the owner managed to buy the club for peanuts. He doesn't have to service a large debt incurred to buy ownership, which frees up cash for other things. This is where City have had an advantage over others. We have revenue that can be used to improve the team, that some others have to turn over to the banks. It's hardly City's fault that others borrow large sums of money and nor should City or any other club be expected to share their burden, which is what FFP achieved. The media conveniently ignore this difference, preferring the financial doping angle. It's just a shame that we haven't been more astute in the transfer market over the past decade. We'd be out of sight by now.