But that's not happening, so what's the problem we are trying to control with a regulator?
The problem comes if Chansiri gets bored of playing with his toys and can't find another idiot to keep subsidising enormous losses. That there are currently plenty of people that are happy to keep losing millions trying to get to the promised land doesn't mean it's always going to stay that way. Just because we've not had any high profile clubs go bust doesn't mean that lower profile clubs aren't going bust (there's two ex-League clubs near me where that's happened pretty darned recently) or that higher profile clubs won't be in a position to go bust in the future.