you have it the wrong way round. the owners don't want to spend the money. they control it. the ceo is the budget holder. that is the case in every business - even if a director is given permission to make decisions.

they have just got very lucky in that wenger is shares their principles and will go along with the set up as they see it. sure, that makes him all kinds of not very nice things but ultimately, if the men upstairs wanted to spend, they'd find a man that did so. clearly they don't.