There has been so much written about the failings of Arsene Wenger & Arsenal FC over the last 11 years. It seems almost irrelevant to some that the reason we have not been able to compete is financial. This is seen as an excuse or because it has been mentioned so many times is no longer valid.
We basically had the worst case scenario for trophies won. The best would have been one or two Premierships with a couple of cups thrown in. Things could have been a lot worse had we not had the financial reward of Champions League football every year.
I do not agree that the old chestnut of at least fourth place counts as a trophy. As far as Arsene Wenger was concerned that was the minimum required to keep the club from falling further behind the big money clubs. The truth is that we have been punching above our weight. Football charged forever when the money men took over Chelsea & Man City. I was always able to stomach Man Utd spending more due to their greater financial earnings worldwide.
Here is a list of NET spending from 2003/4 until this season and also the last three years.
Chelsea - Since 2003/4, £644m - Last Three Years, £125m
Man City - Since 2003/4, £571m - Last Three Years, £133m
Man Utd - Since 2003/4, £388m - Last Three Years, £255m
Liverpool - Since 2003/4, £310m - Last Three Years, £123m
Arsenal - Since 2003/4, £146m - Last Three Years, £98m
As you can see the gap has closed in the last three years due to stadium debt falling & partly due to the new financial restrictions.
Overall I think we are around 8th in net spending with Spurs above us. Probably the only time they will finish above us.
The financial clout is reflected by title wins: Man Utd 5, Chelsea 4, Man City 2 since our last title. Man U had momentum & did not have the debt we had. They also sold Ronaldo to finance new deals. They were also already the finished article able to add a few big names each year. The inferior financial power over the other two is now taking its toll.
The next few years should see us competing on a more level playing field for the first time for over 11 years.