It’s an unsustainable arms race that has been exposed by COVID, no doubt. However, if a business has a choice between paying more than they can afford to hopefully be competitive in their market, or being prudent and risk sinking in their market, any business is going to spend and hope that the worst case doesn’t happen. Unfortunately, the worst case has arrived.
As far as your Aston Martin comparison, it’s not the same thing. You’d be making an investment in your personal life. These clubs are making an investment in their business.
A better comparison would be if you were an independent professional race car driver. Everyone else is buying Ferraris, and you have the choice to be prudent and race with your VW Polo or overspend and buy a Ferrari. You’re gunna buy the Ferrari and hope you didn’t buy one with a bad engine.
The problem isn’t the individual clubs not being prudent, it’s the market in which they are forced to operate to be competitive.