What prestige? It's got zero history, the clubs will lose their link to their community. It will be a sanitised, americanised franchise form of football and will be all the more ephemeral for it. When attendances for Woolwich dwindle to the point it makes economic sense to up sticks to China, what's to stop them? If nobody is relegated, where's the peril? It just becomes a fight for the title, and a fight that, with all due respect, the true behemoths will win 99 times out of 100.
Re: the money. The money is only there while the audience is, and that audience will sharp get bored because those once special nights where the best of England face the best of Italy are now so commonplace they're tedious. The people who 'support' an elite Spanish team but don't watch them play against Cadiz, are the same people who'd 'support' an ESL team but not watch them play against Woolwich.
If 6 owners are so greedy that all the wealth from the PL, and CL aren't enough for them, then they're missing the point of football completely. there has to be a link to the fans, or it's nothing. Winning the ESL would be no different to winning the Emirates cup. It means nothing, regardless of which teams take part. Fans don't want it, players don't want it, managers don't want it, even some broadcasters are against it.