re: Why isn't there much parity in EPL

What we are accustomed to seeing in America is manufactured parity. Even then there are some consistently good teams. While at the top level in the bigger European leagues, there is game to game parity, but rarely over the course of a season can small teams keep it up. Since these entities are clubs, they are responsible for their own finances, as they need to own the stadium (something American owners have somehow passed on to the taxpayer), develop their academy, develop their scouting network, develop their brand through marketing and sponsorship, account for if they lose the PL TV money, account for player salaries, coaches and staff salaries as well as miscellaneous expenses. Some clubs are fan owned (Arsenal once was, and most German clubs are), while other clubs are merely neighborhood teams of a small city that made it big. It's relatively hard to build a team with no international appeal into a powerhouse. Man City and Chelsea spent millions upon millions, which is the only way at this point that you can build a large foreign fanbase.

There are very few clubs that are built the "traditional" way that are internationally successful.