Bold Seagull
strong and stable with me, or...
I'm not necessarily just talking about spending money but more the whole ethos of the club and the way they get every team to play down to youth levels. Wenger is in fact a good example because he never had the funds whilst they paid off the emirates costs but he was never always in the press bemoaning the lack of money or hitting the ceiling!
As said above, it's been an allusion that Arsenal had no money to spend. The Emirates was largely funded by the profits made from the redevelopment of Highbury, and the hotels, apartments etc. they built around the Emirates. They had a serviceable debt from the initial construction and operating costs, but had cash flow to enable transfer spending. They currently have a cash reserve of £120m, and have an operating profit.
The decision not to spend has been Wengers, so the point about having complete control is a good one, but wrong to assume he's not had the money to spend.