Hi PNut,
I'll answer each of your points with my opinion as an Arsenal fan.
This is really only the case because of poor decisions by Arsenal. If we go back to 2004 especially, Arsenal should have been leagues ahead of Chelsea and City in developing a modern structure and increasing commercial revenue. That has been mostly failure but we are still positioned strong enough that that isn't really an excuse. If a weaker structure exists its the fault of the Board for not doing their job well enough. Heck we have a multi-billionaire minority shareholder that holds 30% of the club and is completely locked out from doing anything! Its disgraceful really the way greedy Kroenke runs our current Board. Also currently we have the resources to afford anything Chelsea can buy. Look at Chelsea's current squad, the players aren't as expensive as you or City and their biggest edition this summer was Kante, who could have been afforded by any of the top 6 teams.
Would I be right in saying that you can afford to buy any player, but would not be able to wages paid by Utd, City or Chelsea as it would topple your wage structure?. I mean, your best players are on 150K a week while ours are on more than double that....
Do you think that's true and is a hindrance to signing big names?