Recent interviews with Arsene Wenger and Gilberto Silva have heard both say that Arsenal don't need to spend big to be competitive in the Premier League and it was this philosophy which Arsene Wenger followed in signing new players this season, despite the fact that the powers that be at Arsenal have been constantly telling the fans that we have copious amounts of transfer money available.
Here are the transfers to and from Arsenal this summer (all transfer prices are what's listed on wikipedia):
IN - All Undisclosed
Bacary Sagna
Eduardo da Silva
Lassana Diarra
Havard Nordtveit
Lukasz Fabianski
OUT
Fabrice Muamba - £4 million
Mart Poom - Undisclosed
Thierry Henry - £16.1 million
Jeremie Aliadiere - £2 million
Arturo Lupoli - Free
Freddy Ljungberg - £3 million
Jose Antonio Reyes - Undisclosed
Its clear that we've made a profit on transfers during this transfer season - we are the only big 4 club to have done so, and yet we are 2nd in the league (behind Liverpool on goal differential) after playing a game less than Chelsea and Manchester United. Does this mean that we can indeed keep our Champions League place, or even challenge for the title? Only time will tell, but we're well on our way.