I don't think they're wholly unequipped for the court, the PL funds a bunch of very expensive lawyers that will handle it. What I do think is that they've completely fecked up everything related to ownership and making sure they have the right tools available. The case against Leicester, which completely collapsed, is a decent example. You just have to laugh at how stupid it actually is.
Just consider Manchester City delaying the PL again and again by fighting the PL's right to the documents. It should be fairly easy and standard to being a part of any league. Here's an official request for these documents, you either provide them in time or we start with pre-agreed punishments for scenarios like this. Fine, point deduction plus fine, increased point deduction and increased fine etc. Now it's too late, there's enough ownerships in the league that will obviously be thinking about their own situation rather to vote in favor for a change that will give the PL more power in cases like this.
When BSkyB wanted to take over Manchester United in the late 90's we had a motion in parliament to prevent it from happening on the basis that it would overall be negative. Heck, even Manchester United supporters protested against it.
"That this House objects to the agreement where BSkyB Television will purchase Manchester United Plc; feels that this will create a unacceptable situation where BSkyB becomes both the biggest purchaser of televised football and also the owner of Europe's largest football club; is certain that this is not in the best public interest of fans, clubs or television viewers and sport in general; and calls upon the Secretary of State for Trade and Industry to refer the proposed takeover to the Monopolies and Mergers Commission in addition to setting up a full inquiry into the funding of football by television, in all its aspects."
The takeover was blocked from happening.
What has followed has been a fairly useless fit and proper test. No questions over the sustainability of the leveraged takeover of Manchester United, where the entire debt became Manchester United's problem, no discussion of how it could create a situation where one of Europe's largest football clubs could completely collapse simply due to a leveraged take over where the owners themselves couldn't fund the purchase. Where was the concerns when a Russian oligarch wanted to buy a club, which resulted in a pretty much unprecedented spending spree. Thaksin at Manchester City, Saudis at Newcastle, Qatar and Manchester City.
Now you have an unprecedented situation where the common sense perspective of the majority in the Premier League can easily go out the window, and any attempts at introducing rules to tighten control can be blocked. At the end of the day, the Premier League is one of the UK's biggest exports, it's an insanely big product. There isn't going to be any alternative leagues, what we'll be stuck with is a PL that isn't really a competition but mostly just a show. A show generating so much money that no one is going to be interested in doing much about it.