Naturally, I'll begin the discussion with Arsenal- firstly, because I'm an Arsenal supporter but more importantly, because the club's fiscal policy is a matter of perpetual debate.
The most glaring fact is that of all the EPL clubs Arsenal is dead bottom in net transfer expenditure. Now, you could point to such a figure as evidence of the efficiency and intelligence of the clubs financial model. However, one might also look to it as damning proof that the club have failed to re-invest the profit accrued from player sales back into the club. Of course, there are many additional factors that are not displayed by this table, such as money invested into improving the academy, facilities, staff, and wage expenditure. That said, the club is the 3rd most valuable football club in the world and has massive sources of income outside of those accrued from player transfers. Moreover, the fact that our wage structure is far less than that of most of the top clubs begs the question... just what EXACTLY are we (i.e. the board) doing with the surplus? I fully support the idea of investing heavily in youth academy and keeping an eye towards the future but not at the expense of becoming blinded to the needs of the present. After all, the great Bertrand Russell one said "The habit of looking to the future and thinking that the whole meaning of the present lies in what it will bring forth is a pernicious one."
Now that the Transfer Window has closed I thought it might be interesting to compare & contrast the frugality or excessiveness of each club...Below is a Table that documents the financial activity of each EPL club since 2006: