Cost of squads:
City €1.04 bn
United €751m
Liverpool €639
Chelsea €561m
Arsenal €498m
Tottenham €465m
https://football-observatory.com/IMG/sites/b5wp/2019/wp266/en/
Net spend is meaningless. Imagine 1 club sells a player for £150m and buys 3 players at £50m their net spend is £0. Another club sells nobody and buys two players at £50m. Their net spend is £100m. Both clubs have acquired 2 extra players at £50m, but it looks like the second club has spent more.
A squad often takes years to build, only the overall cost of the squad tells you about the investment the club has made. Arsenal have not spent huge money on players as you can see.
And using Özil, Alexis, Wilshere, Ramsey, and Sagna, whatever we get for them is a lot less of a disgrace than acquiring rank average players like Sokratis, Luiz, Guendouzi, Torreira, Mari, Lichsteiner, Cedric etc . . .that's why we're sliding. Still blaming Wenger after 2 years is a crazy. Feel sorry for Arteta having to work with this shower.
Not sure what you're trying to get at? This is part of being a well run football club. It's on the management to sell well and sign the correct players. Liverpool have done that brilliantly, whereas Arsenal have been terrible.
I disagree with that part, clubs make poor signings, its not acceptable the amount we've made but it happens. Getting no money for 5 top class players is an absolute disgrace. Thats essentially 150m quid the club has just flushed down the toilet. I don't think any other club in the world would have let that happen.
Getting no money for those players has massively crippled us in the transfer market, which is one of the reason why had to take punts on the players you mentioned.