What had happened when the new stadium idea –right and timely - was adopted in Arsenal Board’s heads? The club’s people decided to economize during the period of preparing for construction.

And this decision we can easily see in Deloitte figures with Big Four clubs comparison..

Wages 00/01-03/04.
See here.

The season by season breakdown can be found here.

Net transfers 00/01-03/04
See here.

Wages plus net transfers 00/01-03/04
See here.

During this four year period the clubs won:

Man Utd - 4 trophies (EPL 00/01 & 02/03, FA Cup 04 & 08/09, Community Shield 03)

Chelsea - 1 trophy (Community Shield 00)

Arsenal - 5 trophies (EPL 01/02 & 03/04, FA Cup 02&03, Community Shield 02)

Liverpool - 6 trophies (FA Cup 01, LCup 00/01 & 02/03, Community Shield 01, UEFA Cup 01, European Super Cup 01)

So the for each trophy the round cost in round figures is:
Man United £92 mln
Arsenal £53 mln
Liverpool £47 mln
Chelsea £450 mln

Arsenal spent less than any competitor.
Arsenal spent 40% less than Man United, but won more trophies.

The simple conclusion - judging by financial behavior - Arsenal was financially constrained at the beginning of the century. BEFORE (not during and after) stadium construction. And Arsene Wenger was much more efficient than Sir Alex Ferguson during this period.

But as we already know the picture was to cardinally change very soon.