One of the problem is that the more money that comes in from TV, the higher the players wages go. Until you get clubs actually making money, the number of owners willing to come in with money will be limited.
People have been talking about a salary cap but I wonder whether a club salary budget cap would be better. This would mean that clubs like Chelsea would not be able to fill a squad with high earners, with some players never playing. This may encourage players to stay with lesser clubs as there would not be such a pay differential i.e. best paid player at one club compared with 20th best paid player at a top club with no difference in wages.