I don't (well, I do to some degree). My solution(s) to this would be much more simple though:
1) Any club can spend whatever they want. None cried for sugar daddies a couple of decades ago (or a century ago), what has exactly changed now? You will find difficult finding a club who wasn't helped from sugar daddies during their history, and that moment would have changed anything. United for once, probably wouldn't exist at all if we didn't gain outside money when we were almost going bankrupt.
2) Any club can spend whatever they want, but for every euro (pound, dollar, you get it) they spend outside of their revenue, the owner should be obligated to put 5 times as much money on a locked bank account (and this takes into account the last 5 years, so if a club spends 100m extra in the last 5 years, then in the bank account there should be 500m. Now the next year the club doesn't spend anything - and they have spend 50m on the first of these 5 years - then it means that next year on the account there should be just 250m so the owner is free to get 250m from the account). On this way, the money is allowed to go into football (what business doesn't allow free money to go there?) and it ensures that the clubs won't suffer if the owner gets tired, goes bankrupt etc.
I like the second idea more than the first one, cause it protects the clubs.