I think it's all tied into the worst parts of the British psyche. A sociological truth (in past times, and still to a point today) being reflected onto football. That no amount of accumulation of material wealth can allow you to jump 'rank' you were born into.
Problem for them is, it ain't true in this context. This is football, this is 2010 - and he who has the money and is at the top for the most sustained period of time will eventually come to be seen as having 'the class'.
Them trying to tell themselves that somehow they will always be better no matter what transpires is just a desperate, slightly embarrassing act of self-delusion.
When you have 550 billion quid, you decide what the fuck class is. The mock-genteel among us can delude themselves otherwise, thinking they're characters from an Oscar Wilde play or something - but the bottom line is money is ultimately everything here.