Yes. Leicester's rise through the system was a direct result of money being pumped in by their owner, a foreign billionaire.

They were purchased 5 years prior to winning the Premier League and immediately upgraded their sponsorships, facilities, staff, and players.

Did money make them win the premier league? No, but it couldn't have happened without it and it had nothing to do with meritocracy or the local community.

Leicester barely survived relegation the year before winning the league. There wasn't an influx in cash between those two polar opposites.

After briefly being relegated to the third tier (for just a season, first time ever) for a season, they immediately bounced back up to the second tier in 2009-10 and then they were bought by Vichai Srivaddhanaprabha, a Thai travel and retail billionaire and started their rise to the top of the Premier League.

Leicester was bought by Thai billionaires a few years before winning the league.

That explains the arrival in the Premier League, but not winning it.