There is no guarantee that a billionaire owner will spend the money to bring in talent, especially when losing a boatload of money is part of the process.
The Dodgers local media money will, pretty much, cover their entire MLB payroll. Add in 81 sellouts, concessions, merchandise, and the national TV contracts, and they still make a large amount of money!
If competing means just winning the division, that's a whole other story, and that is something the new owners could do and that is something the Pohlad owenership could have and should have done. It might have netted another $100 million in the sale of the team.