My club is Norwich City. I live in London but go back for games frequntly - I was a season ticket holder for the last couple of seasons but I'm not really dedicated enough to go back every couple of weeks. On some levels, the recent influx of foreign money has made no difference - our mediocrity alone would have been enough to maintain the distance betwee us and the premiership. There does, though, seem to be a trickle down effect, where mini tycoons are coming in to our "rivals", like Leicester, Coventry, Derby, and spending money we couldn't spend. Hence the desire for our own sugar daddy.
Our majority shareholder, Delia Smith, has said that they're always looking out for investment, but she's not going to sell up entirely. She could make a lot of money doing so - she bought her shares for nothing - but makes the very good point that the club wouldn't necessarily make any money at all. to which many supporters' response is that she should give all the money to the club anyway, if she really loved us. It's so unrealistic it boggles the mind.
I see your point in investing mid ranking teams, as opposed to Liverpool or Man U, and I was amazed at how welcoming the Liverpool fans were of those two Americans. Contrast this to Man U fans, none of whom wanted the Glazers, as they felt they didn't need any "investment". I think the short answer is that Abramovich has changed the rules. Chelsea have been run at a staggering loss over the last 4 seasons, and fans have assumed that that is the only way to achieve success. Liverpool fans, in particular, are starved of success (occasional Champions League wins notwithstanding). They'll take anything.
I actually find Randy Lerner at Aston Villa quite interesting. What's in it for him? What are his realistic expectations? When Abramovich bought Chelsea, yes they were bankrupt, but they were already a top 4 side, with some very handy players (Lampard, Terry, Gudjohnsen, Gallas). I can't see Villa, even with England superstar Gareth Barry, finishing in the top 6 this season. So what's the plan?