I am not looking at this from a nationalistic perspective, I really could not care less about the nationality of the owner of the club, particularly in the UK where we constantly sell off our countries assets anyway!!. However, the business model of Abramovich or Manc City arabs is not economically sustainable, and is not good for competition in football terms played out in the Premier League, where there are increasingly just two or three teams competing for the title, and the rest chasing CL places at best, and avoiding relegation, and increasingly bankruptcy as a result, at its worst. I think Billionaires taking over clubs and the being allowed to buy their way to success has done great harm to English football in terms of the development and opportunity for English players (and indeed Scottish, Welsh and Irish) to play in the Premiership, and as a result it has done great harm to the England national team too.
Contrast this, for example, with the German model operating in the Bundesliga. Great football being played, superb stadiums where ticket prices are in many cases half the price of Premiership clubs, where the football is still grounded - and this should raise some responses - in working class support, where people are happy to cheer and sing to support their club, where a father can still afford to take his children to football. The clubs are financially sound, and this long term approach is paying off in football terms too. Look at the CL, three German clubs won their groups to qualify for the knock out rounds, only One English team done that, and in fact only one other english qualified for the knock out rounds!! A higher percentage of germans playing in the league when compared to english in the PL, and the German national team continues to be one of the best teams in Europe and indeed the world.
I know which model I'd prefer to have........