He's not wrong about other clubs being poorly run with huge riches. Which makes it harder to say it's all about the money they splash, when we have 2 perfect counterexamples in this league, and Barcelona with their levers elsewhere...
Leicester's rise wasn't organic

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City's rise not being "organic" is not unique to them; clubs like Chelsea and Blackburn and Milan and Madrid have benefited from "artificial" injections of money. They just had the misfortune of doing it in the last decade instead of 20-50 years ago.
Oh, and doing it after rules were implemented to officially prevent clubs from going bankrupt, with the innocuous side effect of locking in a certain elite (but we know that was just an innocent mistake from UEFA and co). If they beat the charges/don't get punitive punishment, the nature of their funding will be forgotten as time goes on.
City's financial pull is a secondary/tertiary factor in the market being distorted; the primary factor is the collective wealth of the PL relative to the rest of Europe.