I am proud of how the Gunners have managed to keep the books reasonably balanced, and that includes paying for the Emirates Stadium (which cost 390M UKP). Their youth policy and developing players is the backbone of limiting costs and they are the most solvent of all EPL clubs.
Chelsea's spending is still outrageous with no attempt to make the operation pay, huge payouts to ex-managers, 12.5M UKP payments to agents and corrupt inducements for players to join. Chelsea posted a loss of 44.4M UKP and debts were in excess of 600M UKP until by a miracle Abramovich converted his outstanding £340 million interest-free loan into equity. Equity? - right! Another joke for UEFA to sort out after their recent edict that bars teams from spending more than their revenues.
The same is true of Man City now as well with Sheikh Mansour spending 120M UKP this year on players. He also announced his own 'miracle' of swapping 305M UKP loan into equity.
Manchester United had a debt of 700M UKP in 2009, but at least they have attempt to cut back - and this started with offloading Ronaldo and Tevez. But it is still an effort for them to balance their debt interest payments against their substantial income.