The money that goes into football comes from rich owners who can afford it
Much of the increase in money in football is due to cash investments from rich owners such as Roman Abramovich or Sheikh Mansour. If not for football, this money wouldn't go to helping those in need, but to their own private gain, where it may even cause great harm.
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The Argument
Football is partly funded by sponsors and the contributions of fans. However, a large portion of funding comes from the owners of clubs. And these owners are extremely rich people; so rich that they can afford to put millions into their club.
For example, Sheik Mansour is the owner of Manchester City. His net worth is around 23 billion euros. Roman Abramovich is another famous owner. He is the owner of Chelsea, and his net worth is around 10 billion euros. And there are plenty of other wealthy owners in football like them.[1]
Clubs are funded by extremely wealthy people. It is their choice to put in the amount of money they do. Why should we take issue with them supporting the sport so lavishly? They could easily put that money into upgrading their mansions or buying jets. Instead, they fund an activity that everyone, rich or poor, can enjoy.
Counter arguments
For some of these owners, owning and funding a club is just a vanity project for them. It's just another side project for them that they do for bragging rights. Or it might just be yet another way to fuel their greed. Rangers F.C. is one example of a club that unfortunately falls under this umbrella; according to its fans, its owner doesn't care as much about the welfare of the club as much as the easy profit it makes.[2] This goes to show how the spending on football isn't really meaningful.
And this kind of spending on football clubs by owners represents a sad opportunity cost. The money these owners spend could be going directly to charities, fundraisers, or any number of other good causes. Instead, it goes to entertainment. The fact that football is taking away from charitable causes and instead fueling the vanity of rich businessmen and overpaid athletes is a sad state to behold.