The PL should set up an independent fund. They could put say 1% of the total TV revenue into the fund each year. When an EFL club goes into administration, the fund buys out the club, pays off its creditors and then manages the club until a fan owned group can be established to take over the club at a nominal amount, with the proviso that the club must then operate on a 51% fan owned model going forward and its primary creditor would be the independent fund.
That way there's a safety net, clubs don't go out of existence and fans reclaim their club and chancers know there's little future to driving a club into the ground.