It would be detrimental to the entire league. How far away from a TV deal similar to La Liga's is the PL? Do you really think these foreign investors are going to want to maintain a deal that sees Aston Villa and Wigan get the same cut as them? Where does the line stop of foreign billionaires just picking a club, destroying the financial system in England? How soon before we have 15 clubs owned by billionaires?
I'm not sure how any of those things are fundamentally worse due to an Arsenal takeover. If the EPL ever were to switch to a La Liga style, there's already a caste of top-tier teams (I should say two castes because in terms of popularity, it's ManU and everyone else). If it ever happens, we're well down that road already, and who knows if Kroenke would even support the equitable approach if it became an actual issue. As for the foreign billionaires point, we're owned by a foreign billionaire and our biggest minority owner (who could make as good a/better deal than this mentioned) is top 20 richest in the world. Should probably draw a distinction there. Also, I think it would be very tough to change the current set-up. At least, I thought that's what I read when some were pushing for a change last year.
This deal would put another club on the level of ManU, Citeh, and Chelsea who, if we're being honest, are the only real long-term championship contenders for the foreseeable future. If no spending limits are implemented, it would bump contenders from 3 to 4. If spending limits as currently thought up (FFP) are implemented, then ManU and Arsenal are a tier above everyone else regardless of this deal.
Arsenal doesn't need this. They operate fine as is, and it's good for the game. They value the right things, and silverware really isn't everything, especially for the fans in England. They value tradition and culture - and the integrity of the game. There is no way they would be happy with this.
I will be extremely conflicted about this deal if it goes through (though as thenry said on twitter, its only being reported on by tabloids atm) but on the other hand, many of our supporters have lost patience with the "silverware isn't everything" mantra. Considering how many side with Usmanov over Kroenke, despite what an absolute scoundrel Usmanov is, I'm not sure the majority of Arsenal fans would be unhappy about this. I follow quite a bit of angry Gunners though.
The deal would also mean we could no longer hold the moral high ground we claim to hold, much to the annoyance of Chelsea, Citeh, et al fans.