Even if influence was equal, it would not be a democracy. The voters are commercial rivals and nobody else e.g. fans, players. Even if we look just to the football universe, it is just a sample of interested parties and that is why the PL has a duty to propose only rules which are equal in their effect. A good example of this is heavily indebted clubs are treated just the same as clubs with minimal debts but rules can affect these two groups differently. That is why regulating the P&L but not the balance sheet is wrong.'Tyranny of the majority' was one of the original, 18th-century criticisms of democracy. As I have grown older, I have come to see what they meant. They were also concerned about the impact of demagogues inflaming the mob. Again, I have come to see what they meant.
Democracy only works properly when you consider the rights of the minority as well. But that's way too sophisticated for 2024.
The Premier League is basically an oligarchy, not a democracy. It is ruled by a small minority of uber-influential clubs backed by their lackeys, The interests of anyone else are ignored.