I posted this on my Facebook earlier and I've also posted something about investigations into MUFC's finances from 1910 (yes, it's a long time ago but it was a similar period in terms of them spending big/perceived to be cooking the books to gain major honours). As a historian there's nothing new in football. You can see that 1910 stuff on my page here:
https://www.facebook.com/GaryJames4/
Now my earlier response.....
Between 1995 and 2004 there were only really 2 PL title contenders. They were 2 clubs that had benefitted significantly from the creation of the PL and the remodelled UEFA competitions. Between them MUFC & AFC won 9 consecutive titles, ending when CFC managed to get significant investment and mount a challenge. The nearest any team other than MUFC or AFC got in that period to winning the title was NUFC in 1996 (4 points off the title). The PL became predictable and then wealthy people from around the globe started to invest and CFC won a title in 2005 (Russian billionaire), MCFC in 2012 (UAE billionaire) and then LCFC in 2016 (Thai Billionaire). Those billionaires, whether we like it or not, have made the PL a much more competitive competition - certainly as far as the Premier League title is concerned - than it was at any time prior to their arrival. They've invested in their clubs and, in the case of LCFC and MCFC, there has been significant investment in their local communities. Other clubs, who had been made wealthy by the PL/CL (Utd were making losses and borrowing money to fund Ferguson's first trophy winning team - at the time the most expensive ever assembled in British football) saw their income either get used to increase transfer fees and players' wages or used to pay off debts/prop up businesses elsewhere, such as in the USA. Financial Fair Play was brought in supposedly to create a level playing field but as many respected academics and journalists have said it actually aimed to prevent significant investment in clubs, meaning that those that were already established forces were unlikely to be challenged. FFP should have been brought in to ensure ALL owners pass proper fit and proper person tests and should have been used to benefit football not just those already in positions of power. It should have looked at debt and at what owners were doing with those clubs. Nowadays there are about 6 PL teams capable of winning the PL - a vast improvement on the past. The majority of these, such as the summer's biggest spenders LFC, have spent heavily just like Ferguson did while he bought time to allow his young players to develop. Very few of them have invested in their city, community and infrastructure in the way MCFC have. To me those CFG sponsorship deals (wherever the money actually came from - and yes it should be investigated) were actually fair market value. Other less successful clubs during this period have negotiated better sponsorship deals making these look relatively cheap in comparison (when you see the achievements of MCFC and the growth the club has made). Money has always ruled football. No one should pretend otherwise and many, many clubs have received transformational investment during the last 140 years. The amounts have grown of course, but almost each generation has had a club that has spent heavily to buy success. Sometimes, including MCFC in 1978-1982, they invested heavily in players that didn't deliver while others, notably BRFC in early 90s & MUFC, tended to buy players who made a difference.