You need a wages limit in the Premier League. We need that over here in baseball.
I've never been an NFL american football guy, but the "salary cap" has been a massive success for that sport and NBA basketball. There are no Chelseas and Man Cities in NFL... every city's team has the capacity to build a winning team, despite a lower profile. You cannot simply buy it.
How many times have we been through this? The US system works brilliantly, provided that:
1. No other country plays that sport. (Or they don't play it anywhere near that level.)
2. There's no promotion and relegation.
3. You implement a complicated and convoluted system of drafts, designated players and other financial weirdness.
All these are required to make the salary cap work the way it does in the US, and since football satisfies precisely none of them, can we please just move on?