If you genuinely believe that was the main reason I respectfully think you are deluded.
The reasons were twofold. Those in the 'Big Six' were concerened that a successful Celtic and/or Rangers might break into their present cosy cartel.
Those in the 'Other 14' feared losing their place in the Premier League to Celtic/Rangers and it costing tens of millions in lost TV revenues.
There was no incentive for any existing (or potential) EPL club to vote for their inclusion, although the Premier League as a whole may have been a more interesting spectacle.
As for the finances, here's a comparison of Celtic and Leicester.