Yeah, I totally agree that there's collusion between him and the board but I think ultimately the board has the final say on transfer funds as opposed to Wenger. Wenger happily signed up to the years of austerity following the move to the Emirates and Arsenal fans would've known that the spending had to be curtailed while the stadium debt was being paid off so they can't really complain about the lack of significant transfer activity back then. However, for the past 2 or 3 years the message coming out of the club has been that they were now in a position to spend big again and the signings, in 2 consecutive summer transfer windows, of Ozil and Sanchez appeared to prove that they were now going after the big names and would continue to do so. So the idea that it's all Wenger's fault because he's too stubborn or whatever is a bit of a stretch for me. My guess, if anything, is that he pressured the board into making those signings otherwise their perennial top 4 finish would be in jeopardy, but he's now being told that as things are looking a bit better on the pitch these days they're reigning it in again while at the same time both board and Wenger publically claim that there is money to spend and lots of it. It smacks of someone being paid "hush money" and when that hush money amounts to £9 million a year, even if he is frustrated he won't do too much to rock the boat.
Many Arsenal fans have cottoned on to what's going on and are up in arms about it but our old friend Tony Attwood and his cronies continue to support Wenger and the board 100%. I wonder how Attwood would feel if Wenger were to resign, citing a lack of support from the board regarding transfer funds - the reaction over there would be hilarious as they scratch their heads wondering how on earth Wenger could ever fall out with the board ;)