This is only a problem because of the American franchise system where teams are part of a league and fully depend on it. Football teams in Europe play in a league. If the Premier League decided to kick out Man City for some reason they would still exist, own their trademarks and be able to play matches (but also lose major sponsors and have to negotiate with the EFL to get back in the pyramid).

Leagues don't get to decide if a new club can form in the first place. They can control who gets access (like the failed Super League that would have a semi closed system) but licensing rules fall under the national federation. Every team is its own corporation that's either controlled by club members, publicly traded or a privately owned company. Other teams can't just block them from selling shares out of economic self-interest.