Posters are constantly quoting net spend with no regard for the fact that it takes years to build a squad. The only true measure of real investment is the club's overall spend on their squad of players. Below are the figures in Euros that CIES calculate every year for Europe's top leagues. And they've just come out. The figures show that the EPL is getting ever stretched between the haves and the have nots. There seems to be 3 tiers of investment. 1. Top tier clubs circa €600-1bn Over that range City, United, Chelsea and Liverpool are out in front (Chelsea overtaking Liverpool this year) 2. Mid range circa €400-600m Arsenal, Everton, Tottenham and Leicester (actual just below, but the only club spending in the £300m range. 3. Low investing clubs circa €100-300m All the other teams The Arsenal is still a mid range investing club, spending just over half way up the EPL €900 range ( the mid point being €550). Arteta will have to over perform to beat those quality squads above them and get into the top 4. The pundits are still talking about a top 6, but as you can see that's a false assumption. There is no top 6. There's a top spending 4, a mid spending 4 and then the rest all lumped into a small 200m euro range at the bottom.