I think the case is basically asking "Is football a sport or a business"? If it's a business then any club should be allowed to spend what they want to improve that business and sink or swim based on their business acumen. If it's a sport then every competitor should arrive at the start line with only their sporting talents to be judged not their wealth.
Now, probably, since the demise of the players maximum wage in the 1960's football has drifted from a sport where football teams from Burnley, Ipswich, Derby, Preston, Wolverhampton, West Brom, Huddersfield etc could win the League to one where only the massively wealthy can win. i.e Tesco build a multi store and put all the (normal) corner shops out of business.
So, I'd argue that the Premier League is and was formed to be a money earning enterprise. It's a business where (location, location, location) only the big city teams can prosper and the smaller town teams have to accept that the 'Usain Bolt' teams are actually given a huge start every race and their role is to shake 'Usain Bolt's hand at the end of the race.
Finally, I'd accept every club getting to the start line on relatively equal terms but I do not accept a group of red topped clubs being given a 'start' in every race based on historic rather than current performance.