Do they really have the money to compete? Going head to head on transfer spending against Man City, Chelsea, Man Utd (and even Liverpool and Spurs who take it in turns to spend big) would be inevitably a losing battle. Spending whatever they have wont be the answer to their problems.
Only up to a point. They haven't spent big on Transfers (not Wenger's way), but they've long had a v.big squad, on v.big wages. For example, Johann Djouou (Jou-who?) was on £50k per week whilst not being anywhere near the 1st team. Meanwhile, when Spurs and Arsenal's Annual Results came out in the same week a couple of years ago, it emerged that the Arsenal player wage bill was £51m more than Spurs. For a squad of, say, 25 players, that works out at £40k per week more for every single one (if evenly balanced, which it won't be). Meanwhile, supposed big spenders Spurs have actually
received more in Transfer Fees over the last 5 years than any other club in Europe:
http://www.fanatix.com/news/the-10-...in-europe-liverpool-4th-arsenal-9th/204833/2/
(Arsenal were 8th, with €100m less received. Since the Emirates opened, AW hasn't had to sell so readily as before to balance the books).
As for spending on Transfer Fees, I reckon there are three big reasons why AW hasn't really splashed out. First, he made his name for finding rough diamonds from Europe/Africa for small fees, then polishing them, ready to be sold for big fees. And even though the other big clubs have got wise and now scout in the same markets, I'd guess he doesn't want to admit that he's lost his USP.
Second, The Arse Board is split between 2 Billionaires - Kronke with a majority holding, but Usmanov (sp?) with a substantial minority stake. Kronke may be reluctant to authorise big spending in case Usmanov then gains control (and reaps the benefit), and Usmanov won't want to (until he has majority control).
Third, until recently, AW was the highest paid Manager in the Prem - i.e. at £7.5m p.a (= £140k per week), he was on more than Ferguson! Therefore if he were to demand big money for transfers, and it didn't work out (at least in the early days), then the Board might start asking why a top dollar Manager wasn't producing a top dollar team. Meanwhile, so long as they were qualifying for the CL, the money was rolling in and the Accounts were healthy, then his position was untouchable. (Remember, the Board is no longer made up of Businessmen/Fans like Dein, but pure Businessmen like Kronke).
Lack of ambition? No one said that before Christmas when they were top. The rest of their games are winnable, I think they will finish 4th and they should win the FA cup which wont have been a bad season at all.
No-one expected they'd be top at Xmas - that was seen as being way above expectation. And it didn't last. They haven't looked like Title winners in over a decade.
Arsenal are trapped (like many other teams) by the nature of the the Premier league.
With a 60k stadium just about paid for, London revenues and FFP, Arsenal are by no means "trapped" - it's the likes of Chelsea (who now have to sell to buy), Man City (screwed if they can't overturn FFP), Man U (need to spend maybe £100m+ just to rebuild the team) and even Liverpool (big debt and outdated stadium) who should be crapping themselves.