The denials were not made within the context of billionaire owners though. I don't think there *were* any when we began the Emirates Project, were there?
As I recall it, we had never really spent much money and the board assured as that this would continue to be the case, regardless of the new stadium's cost. We certainly weren't going to spend more, but we weren't going to spend noticeably less either.
The money was always Wenger's McGuffin anyway; nobody was demanding Ronaldos and Bales. We would've been perfectly happy with more Henrys and Vieiras. This is where He (wilfully, I think) misses the point. Like a new wife saying she doesn't want a new MX5 as she already has one and she will therefore only accept a new 911.