Wenger can spend now. The club supposedly have 35million in cash reserves, which can be used how Wenger wants. The debt repayments are already taken out of that amount. The club know they'll have to spend x amount each year on debt repayment, but they'll still have money to spend after that each year, especially if they have Champions League participation. It's the same with United, Glazier's debt didnt stop United spending money did it? That's not how it works. If you can finance your debt (or mortgage as the analogy was) then everything after that is for your pocket. Arsenal figure to spend 20million a year on debt repayment, that's hardly a lot considering the clubs turnover is set to almost double.