Hindsight is a brilliant thing, and a fuzzy memory does not help, but no one at the time the PL started had a clue about the riches it would generate nearly 30 years later. Pre internet dont forget. The concept of owning a football club for actual profit was an alien one. But, again with hindsight, out of the founding 5, Everton were the least glamourous, even then.
The owners of United, for example, (local business family, the Edwards), nearly sold the club to Michael Knighton for £10m, not for profit, but cos they were fed up with the grief. Fast forward, Glazers selling for £6 Billion. For profit. After 18 years of grief.