The age old question, the Board or Wenger? I have always thought its both. A "0 year plan" has been regularly mentioned over the years since 2005/06 season. I believe that will have been formulated through discussions between Wenger and the Board and all reached an agreement that while building the stadium (dealing with the debt and add in the financial collapse of 08) that Wenger would try keep Arsenal as close to the top as possible, try and keep them in the CL and all the while trying to spend as little as he thought possible to sustain such results.
It is a fact Wenger formulated and implemented the #$%$ wage structure we currently employ (for the reasons mentions above) His reluctance to break the 20mill transfer mark is partly personal, but i think is also attached to the idea of sticking to the plan!! I wouldnt be surprised if more money had been available to Wenger over the years. Why didnt he spend then? Goodness knows but i dont doubt for one second that Wenger does anything without thinking and analysing the pros and cons thoroughly before making a decision. Hes a very clever man and he loves Arsenal FC. That for me makes me think our future will be in a good place after Wenger.
1 certainty is that we do not know for sure if our financial prudence is because of Wenger more or the Board more. The age old question will be finally answered when Wenger retires. If we see some big changes in our transfer business then we can thank Wenger, if we see no changes then we know that Wengers hands have been tied and the Board were pocketing our dosh at the expense of class on the pitch.