I started follow Arsenal in 1998 and i remember SAF spent the most money in transfer before Chelsea take over in 2003. From Andy Cole, Dwight Yorke, Jaap Stam, RVN, Veron, Rio Ferdinand to Rooney.
1999-2003 net spend
United: £90,050,000
Liverpool: £60,110,000
Newcastle: £56,950,000
City: £54,662,000
Spurs: £46,552,500
Chelsea: £40,760,000
Arsenal: £17,916,000
Chelsea and Man city spent lots of money in the early stage after take over were to play catch up to improve the quality of their squad to be able to compete right away. It is normal. Man Utd spent as much as City for transfer fee and wages anyway for the past decade.
https://www.planetfootball.com/quic...-net-spent-per-trophy-over-the-last-10-years/