http://thepyramid.info/asp/pyramid3.asp
A big part of the appeal of local football is the knowledge that your team could theoretically get promoted all the way to the top. A closed league goes against this sense of fairness.
The closed American leagues are actually much fairer at least to the teams that are in them, TV money is split more evenly, there are caps on how much money can be spent on players and the teams at the bottom of the league table get more chances to acquire the more talented players due to the draft systems. Whereas in European football the pretty much the only thing that matters is how much money a club has to spend.
There are plenty of examples of rich clubs performing badly and less rich clubs punching above their weight.
Combined Counties League divison 2 -> Two below premiership. Who beat a the team now 4th in premiership (West Ham) two season ago.
No wealthy individual replacing all the players, just fans.