No, not a business but a football club. A professional football is a cultural and economic fixture within a local environment.
For the majority of it's history, football has run on a shoestring, sometimes in the black but often in the red. Banks had good relationships with clubs and were, generally, positive towards them.
This all changed with the Premier League. What happened then was, along with the help of Sky, the top division received huge amounts of money and then proceeded to hoover up any other money that was available, while extending their tentacles of power everywhere. The knock on effect was the need to pay higher wages. This has made it difficult for clubs who exist on the breadline to keep going.
The Alex do pay a league 2 budget as their income equates to that level. It is the academy that allows to, often, play above that level. Without cat 2 status we probably couldn't attract enough talent through the academy and thus wouldn't have the luxury of having sufficient academy players in the first team to balance the books wage-wise.
Football clubs (even those in the PL) are not run on similar lines to the average business BUT, especially in the EFL and below, they ARE subject to certain financial constraints.

£250,000 equates to less than £5,000 a week. When you count employer national insurance, employment tax, player insurance, how much difference would this saving make overall?