Not entirely true. You have to consider the fact that we are still in financial debt due to the building of the stadium. No sugar daddy paid the cost, the club took out loans to fund it and until the loans are paid back we will have to make a profit almost every season.
There is money available to spend, true. However, Wenger knows he has to be extremely careful about who he goes out and buys for high prices. The money available isn't in abundance and if we splash out £50m on the wrong player, that's probably no more transfers for another 2 seasons. It's a risk too great to take, considering Wenger has taken some risks in the past and they haven't worked out (Reyes, Jeffers). There's always the possibility of a £50m signing missing a whole season through injury too. That would leave us in a very bad place.