The problem is that their 'balance' seems to be used almost entirely on their wages, and any excess (which seems to be around 25-30 mill) is being kept aside to replace the missing CL money, should they not qualify this year.
This doesn't seem to leave any money for transfers unless they make some of their own funds available. Wenger has gotten himself into a terrible situation where he's paying mediocre players far, far higher than they should be paid. The segment about Vermaelen receiving a loyalty bonus was, to me, quite frankly laughable, given he hasn't been at the club for very long really, and his injuries over the past year.
Yeah, Arsenals wage heirarchy is terrible, considering that they need to relatively strict. Arsenal cannot climb out of their malaise without significant input, whether from the owner, or through a Rights issue.