They're genuine I think but they're in Euros, not pounds. So the figure is actually lower and to be honest, they're not particularly big amounts given the amount of money swilling around the Premier League these days. We're now in an era where Palace are spending around £30 million on a single player, Stoke £20 million, and Bournemouth £15 million. The summer before last Arsenal spent £11 million on Cech and that was that. They generate far more money than those other 3 clubs I mentioned yet on some occasions they're not spending that much more than them or even less.
This is ultimately on Kroenke and his mates on the board IMO but Wenger is definitely part of the problem because he accepts it so he's complicit in it too. However, I agree with the sentiment that if Wenger goes it doesn't necessarily make things better because unless Kroenke changes his approach and actually starts sanctioning the kind of spending that would see Arsenal seriously challenge for the title then things will almost certainly not get better for them, and could even get worse. I thought the signings of Ozil and Sanchez in consecutive summer transfer windows would signal a period of heavier spending with more stellar signings to come but it seems those 2 were a false dawn. Christ, they could've possibly landed Suarez for £50 million if they'd bothered to increase their one and only bid and he might well have fired them to the title the following season, given that Liverpool nearly won it with an arguably lesser squad.
Far from being the best run club in the country, it could be counter-argued that they're one of the worst. An accountant's wet dream for sure but they've missed plenty of opportunities in recent years to put down a genuine marker due to a total lack of ambition.