Gurgen I don't see how the clubs can be regarded as pure competitors in business (not football) terms, even if that's how it works legally (which I'm willing to believe).
The value of each club is impacted by health of the Premier League as an overall entertainment offering, as valued by the rights deals ...
Seems to me it's in the clubs' owners' average interests to be collegiate with each other, prevent financial meltdowns, allow everyone to make enough money to put together a semi-credible team, and so on. City's dominance has been harmful for the product.
Football clubs are not ordinary businesses.