Of course it is a power grab, at the cost of 25% of ~2.5B/yr (2018 numbers)
So lets say -> 625M/yr for 5 years, so 3.1B investment into lower leagues, even if they cut that back to 8% (current value) in 5 years, do you see another alternative that will give the football ladder three billion dollars in next 5 years?
The league already has rules around ownership btw (qualified owner), it's not just another billionaire but other "pretenders" who may put a club a risk of administration ..
I don't see any other alternative than a bailout or fan takeover type arrangment which realistically isn't going to happen, if the clubs are so intent on helping out the league club then why not offer the same proposition without taking all the voting rights for themselves - afterall all the premiership clubs will have lower revenues than forecast with this yet really only 6 of them get any say in it.
Again if there's already rules on ownership then why do 6 clubs need a veto over who owns them, what business is it of theirs if the owner meets the fit and proper test then that should be enough? Smacks of old boys club membership style approach.
Luckily all the fan groups for the top 6 are also against it.
I'm not against helping other league clubs out, just don't think this is the best way to go about it.