Lawrence Bowen, apparently a classic Wenger apologist and eternal optimist, is only telling half the story.
Wages is not the only indicator of success. For the last five years the glory, trophies and success have all gone to the two or three teams in the EPL who have not only the biggest wage bill but ALSO the biggest transfer spending, without a doubt!
Even Liverpool, who have a lower wage bill than Arsenal but have invested much more heavily in transfer spending, have had more success in the last five years than Arsenal by making the final of two CL’s and winning one. Only last season they have failed by dropping out of the top four, which rightfully cost Benitez his job.
As the old saying goes, there are lies, damn lies and statistics. Any accurate assessment of how spending translates into success must of necessity also factor in transfer activity spending, which is a form of capital investment.
Any business to succeed must not only pay good salaries but also acquire and retain the best people, and must also invest a certain amount of money in capital growth (new materials, machinery, software, etc).
Football clubs recapitalise by investing capital sums in new, quality players.
In this regard Wenger’s record is abysmal for the last five years for a club of Arsenal’s stature, nothing short of miserly, and hence we see no trophies, medals or success. The tired old excuse is he has had no money but that’s not what the Executive has said.
Again, it’s all about balance.
Balance on the pitch, balance on the books. Wenger hasn’t quite got the balance right on the pitch and because he is extremely risk-averse financially, he hasn’t reinvested enough capital funds in new players. Hence the Club is going nowhere.
Lawrence Bowen is being disingenuous. Wages is not the only real indicator of success.