It is a really strange situation they find themselves in, because the backdrop to this is the plateauing of the TV rights deal (domestically at least). The 'product' they sell is the very one they're currently undermining in a desperate attempt to circumvent an independent regulator. The whole thing stinks of politics in the worst possible way.
Basically, the league was never broken, and there was nothing that needed fixing. Money into the league from super wealthy owners does not have a detrimental effect on the league as a whole. On the contrary it simply strengthens the position as the best and most successful league in the world. Trying to reign in 'investment' via this sort of punishment is objectively nonsense.
All of that isn't to say that Moshiri was clearly a front for Usmanov's money and him becoming persona non grata fucked Everton - but the league as a whole allowed the Moshiri/Usmanov deal to go through same as they let the Saudis buy Newcastle. I've got no idea what Richard Masters end game is here.