Caps on transfer fees and players wages should have been brought in when the first million pound transfer occurred because it was very obvious things were only going to get worse as the years went on and they did. Clubs started demanding higher transfer fees because lets face it, if a club was prepared to pay a transfer fee of £1 million for Trevor Francis, clubs would be prepared to go higher. Also players started demanding higher wages.
Once the wage cap (which was a form of wage slavery) had been lifted, some version of this was always going to happen.
Then came along the EPL with it's desire to make as much money as it can from the game with it's multi billion pound sponsorships, advertising and television deals.
It is more complex than that.
The EPL has served to sever - to some extent - the link between clubs and fans (and thus, the link between clubs and their actual geographical location) by reducing clubs' financial dependence on gate receipts when calculating where their earnings actually come from.
As a consequence of the EPL, clubs received increased income from TV rights, and, in turn, that served to expand their global reach (and their potential global income) as a "brand".
This means that they depend less on what they earn from fans (even with increased stadium capacity, which was the old fashioned way of maximising income), and that, in turn, also means that fans have a lot less say in what takes place with whatever choices (re ownership, player purchases, mangerial appointees, etc) the club makes.
The EPL has a lot to answer for for they way the game has gone with clubs, players and agents all now wanting to see how fat their bank balances can get.
Not only them.
The biggest problem with the EPL, to my mind, lies in the increased inequality, both within the Pemier League, (for example, only a very few clubs, realistically, have a chance of winning the title these days), and the growing inequality (and wealth) between the Premier League, the financial position of the leagues lying immediately below it.