There's no defending Arsene Wenger's penny pinching ways, but I would give it time in this current transfer window. Wenger guaranteed big July signings starting with Gervinho who many think can be an Eto'o-type player. There's no doubt Gunners need to have a BIG 2011-2012 campaign with some sort of trophy to end the drought. I don't think Walcott is leaving, but let's say Gervinho comes in to replace Arshavin/Bendtner and Samba/Cahill come to Emirates for Squillaci. Clichy's move to City is manageable given his recent decline and the potential emergence of Gibbs, a young LB I personally like. The only real major loss is the imminent departure of Fabregas. In that case the Arsenal board should give Nasri exactly what he wants in wages to match their current skipper and lock the Little Prince up long-term. Now I've said all along that I foresee Nasri ending up at Eastlands given the wage dispute (90,000 vs. 110,000 pounds per week), Arsenal's fear to lose Nasri on a free transfer like they did with Flamini, United's lack of seriousness to pursue Nasri fully and going for Sneijder full force instead, and Nasri's personal frustration to win trophies. With that being said, City is really headed in the right direction with their summer moves with Silva and Nasri creating in the midfield. I've heard 19m pounds ($30 million U.S.) will get the job done complemented with a wage structure that meets Nasri's demands. All this assuming they somehow convince Tevez to stay and actually be happy. Kun would be the closest replacement IMO but either Aguero or Lavezzi would be a huge drop-off from Carlos Tevez.
Bottom line I've accepted Wenger will never spend the money to buy Lloris and Sakho from France all but solidifying a great attacking squad that simply needs strengthening at the back. However, Wenger's lack of conviction to address the Fabregas situation may cost him Samir Nasri as well, a truly crippling loss. Szczesny, Vermaelen, Song, Wilshere, RVP, Walcott, and Chamakh is a solid core but perhaps not enough to win trophies or the Premier League given the loss of such a young, bright creative midfielder unlocking defenses.