I don't think so, and I'd be wary of being too loose with the term.
A lot of people mocked the club when they suggested Klopp might be racist, but I think his statement was. He suggested three clubs (and he was talking about those with Middle Eastern owners) could outspend Liverpool, which is obviously nonsense, particularly given how PSR has prevented Newcastle getting within a few hundred million of Liverpool's income.
In this case, it's a legitimate concern that Newcastle and City do have the ability to bring in vastly more money from related parties than any other PL clubs. While we're not technically state owned, the links between our owners and chair, and a huge number of state linked companies in the UAE is a matter of fact.
So, while it was racist to single out the clubs with Middle Eastern ownership with a bogus argument, I don't think it's racist to link them when the concerns are based on a legitimate one (even if it's one that many here don't agree matters).