Should football clubs have tighter regulations regarding their wealth?

Yes. It has got out of control and it seems that the only way for other clubs to compete is to be bought out by some rich conglomerate/businessman

No. More money in English football means a higher profile worldwide. The Premiership is the best league in the world partly because of the amount of money in it. Regulations would only complicate things.

It's up to the individual club to decide how best to do their finances. The amount of money in football is increasing all the time, so at some stage many more clubs will see a slice of it.