Yes but it's pointless trying to compare Arsenal and Chelsea over the last 10 years, this time last year our record signing was Arshavin at £16m. The invincibles should have done more in Europe I'd agree
If you are not going to spend big on players, then that is all the more reason why you need a manager who can use tactics to utilise the players he does have and make the most of them. Besides, regardless of what Wenger has paid for players, he has signed some quality. RVP cost you £2m! Fabregas even less than that. Henry was only £6m or something silly like that, Sol Campbell was free! He has had quality to play with, but hasnt utilised it as well as some other managers may have.