If you want a team to compare to the Yankees (buying your way up wise) it's Manchester City with Chelsea in a close second place. At this point Arsenal has been spending more than Man U. Manchester United got to where they are mostly because of an absolute legend of a coach, and the class of 92' (Google it if you don't know) mostly home grown talent that led to one of the greatest midfields ever assembled on a soccer field. Not at all the Yankees other than that they won a lot, in that way they are similar.
Full disclosure I'm a lifelong Man U fan ever since watching Peter Schmeichel, and Eric Cantona when I was a little kid. But they are actually one of the better teams to follow at the moment, everything is in flux at Man U right now. 1. New coach 2. lots of players will be on the way out and by the end of the January transfer window on the way in as well 3. They aren't as dominant as they have been, and will have to fight and win in different ways than they have to get back to the top.
Other than the big boys Tottenham would be a decent team to follow, and Everton with Roberto Martinez has a chance to do very well as well.
The thing to keep in mind with the EPL is if you pick a team aside from Man City, Man U, Chelsea, Liverpool, and Arsenal then you're never going to be cheering for the team that wins the league. Ever. And you can probably cross Liverpool and Arsenal off that list but there's a chance for them at least. Very few teams can financially afford to keep a player that teams like Madrid want to buy, even fewer have the panache to keep a player like that happy at their club. It is not a level playing field at all.
An example of this being Southampton, they had a lot of talent last year and had a decent season as far as Southampton goes, then bigger clubs came in and offered them amounts of money that they can't afford to turn down, and they'll likely end up relegated this year.