While he may not be delivering the best peformances we are getting the results to do the minimum of what this club should be doing and getting Top 4. With the current squad we have we cannot expect much higher than 4th and Wenger has done actually rather well I feel to have us where we are. Yes we've gone out of the CL and FA Cup now but right now I think the EPL needs to be the focus. All well and good making a cup run but if we ended 5th or 6th it would be a waste. If we don't get 4th however, I'm not sure what will happen because this club should be no lower than that.
You say about spending some money, I believe it was Winterburn who said in an interview that he knew of one 'big' player who was all but signed but we didn't have the money to do the deal as the Fabregas deal hadn't been done yet. I'd bet big bucks on that player being Mata. People seem to think that we have all this money because of our lack of spending from previous seasons but I really do think it's not like that at all. I don't see why Wenger would let the team get to where we are if he could avoid it which would suggest funds aren't as readily avaliable as the media report it to be.
Philly, it was Mata. Board refused Wenger the funds, as a result Chelsea grabbed him.