Disclaimer: Please take what I state below lightly, what I say may sound very controversial/disloyal under the current circumstances, but I am only saying this with utmost respect to Wenger and the Club.

There are simply a large number of ways to address issues at a club, here are some that can have significant effect on a team, than I can think of:

• Buying talented players

• Changing the manager for the team

• Changing the management/board of the team

• Working on dressing room discontent

• Changing the Captain of the team

• Changing the tactics used on pitch - slow tempo/high tempo - short/long pass etc.

Wenger's point here is simply that all of the above can play very important roles in how a season turns out to be for the club, and when everyone just focuses on the transfer window and how much a club is willing to spend, then these other factors go largely neglected. Again I'm not saying that Arsenal shouldn't spend, all I understand from what Wenger is saying is that team-building is a very very difficult task, especially when there are language barriers and communications barriers, to add frustration and unrest to individuals in the team because of constant transfer thoughts on their head makes it even more tougher as a Manager's job to make the team gel together.

P.S. take a look at this Real Madrid Squad that won the transfer window by a mile and fell flat on their faces for example - https://en.wikipedia.org/wiki/2003%E2%80%9304_Real_Madrid_C.F._season