There is a worse thing. Selling to a leveraged buyout.
With a sugar daddy buyout the fans get to enjoy trophies, albeit not as much as winning them the right way. On a broader view, the sugar daddies put money into football, money that goes to players, coaches and managers.
With the leveraged buy out there are no positives. Large amounts of money are taken out of football and established clubs with long histories are put at risk. Look at Liverpool and how Hicks & Gillett brought them to the edge. United are lucky in that they had built a strong business model under Kenyon and Gill, while Fergie had delivered success on the field to help build the international brand. Luckily for the Glazers they had a willing toadie in the top hat socialist from Govan and he has managed to maintain success despite them leaching £500 million from the club.
If we were to fall to a corporate raider we would not be string enough to survive without severe damage. We only have to look at how long it has taken to recover from Scholar's gambles to see how risky this would be. For this reason, plus distaste for the sugardaddy model, I say "Long live Levy".
P.S. The UEFA financial fair play rules do nothing to protect clubs from leveraged buyouts, a far more harmful thing to the game.