The thing is, this is another step up and beyond. I don't think anyone here will say that the Premier & Champions League were a good thing, but there is still a pretty fundamental difference between even a porn baron and a nation state. Not to mention that the PL/CL was, to a large extent, just a continuation of tendencies that had already been happening. Notably through TV money, but also, further back, partly due to the end of the maximum wage - an undoubtedly right thing to do, but one which allowed clubs with bigger gates (and smarter bosses) to start buying their way to success. Liverpool were one of the first to take advantage of that.
TV money and especially big European nights then helped Liverpool and then Man U to such massive domination. But even then there was still a greater variety of challengers, the likes of Villa and Ipswich, Nottingham Forest, that could upset the apple cart. The PL and more especially, imo, the expansion of the CL made for a fundamental shift in the possibilities of 'outsiders' coming through. Clubs being bought by nation states looking to ameliorate their image take it to another level again. And shrugging off the fact that they are owned by nation states, not the front operation whose obviousness the Chingford mafia would be embarrassed about, just lets it carry on apace.
Good ol' Uncle Vlad once said that capitalism will survive for ever, if we let it. Same goes for their ownership of football (and various other sports). If we don't at least vaguely oppose it, how is it gonna get any better?