Our net spend over the last 2 years, since the new financial deals have been in place, is about £110m.
Only Utd have spent significantly more - City have spent about £10m more.
(http://bitterandblue.sbnation.com/20...-5-and-7-years)
Over a longer period we spent less but with the stadium debts and our poor sponsorship deals, we were somewhat constrained in the transfer market.
As for the question, I'm not sure. For two thirds of last season we matched Chelsea stride for stride, we stood up in some of the big games so there's the potential there. What we've never managed to do under Wenger, since the Invincible days, is to keep going for a whole season. I think we've finally got the squad to do that, and the mentality to too. My concern is a slight weakness up front, we haven't got an Aguero or a Suarez. It is harder to win the league than it was when Wenger joined, since we last won it the only people who have are the billionaire cheats and ManYoo under Fergie (I have no idea how he did that in his last season, was was definitely the GOAT, IMO).
We won't win the league this season right now, with a real top striker we might although they don't grow on trees.