To me it feels the whole FFP battle is only a part of a bigger war, and the reason that we are not being left alone to enjoy our victory is that that war is still going on.
American owners (plus those getting fat from the unchallenged dominance of certain 'historical' European Clubs) want to be able to make profits AND take them out.
Our owners want to make a Capital Profit and to do this they are happy (and can afford to) leave profits and cash in business in order to build something bigger and of more value. That is what they mean by saying we are funded by a sovereign state. We don't bring in as much money as the Rags but our owners don't take anything out or service huge debt
If you think back there used to be lots of fans moaning that their club/owners wouldn't spend the money needed to win the League (Arsenal, Rags Green and Yellow protest, Dippers complaining about their previous owners etc. etc). Now they just blame City being able to spend more and their fans are dumb enough and partisan enough to hate on City rather than demand their owners spend the necessary cash to compete. They make it sound like the Sheikh is constantly pumping cash in, but the reality is that he is just not taking it out like they are.
With Covid the American owners are even more fixated on being to be able to draw money out of the clubs they always intended to be cash cows. At the same time many of those clubs are the biggest losers from fans being kept away and match day revenue disappearing. They know that City don't have debt or dividends to service and they are scared of what happens in the future they don't match our investment. They are talking about our future dominance if they can't stop us, not the current position.
Hence the desperation to smear and distract their own fans and the desire to use the media to cover up their own greed and lack of vision. Until now having more money than everyone else was a get out of jail free card for these clubs no matter how badly run they were. Just buy a big name player when the fans got too loud. They are struggling to keep up with us already and are desperate to disguise their own failings and poor business model as the fault of big bad City. Their fans and the press are dumb enough to let them get away with it and they have to keep shovelling ever more putrid shit on the fire to create a bigger and smellier smokescreen!