£80m (maybe up to £100m based on the new TV deal) is probably the maximum the club can afford to sensibly spend in a transfer window based on the idea of 'living within their means.' Given we'll have Arteta, Flamini, Ospina, Debuchy and Rosicky leaving, replacements will be needed and some upgrades on Ox/Theo too, possibly in central defence. The whole £200m in the bank is before the annual stadium repayments and outstanding monies owed on player purchases (probably wages, structured deals). Both of which add up to around £100m and no business would ever empty out their entire cash flow if they want to stay afloat. There won't be any £80m players being bought anytime soon but we do have a very healthy pot to buy some very good players.