Arsenal bust myth of not spending as Arsene Wenger splurges £50million on Shkodran Mustafi and Lucas Perez

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Finally, the price was right for Arsene Wenger. From being accused of penny-pinching to blowing more than £50million on two players in the space of a couple of hours, the Arsenal manager has gone from one extreme to the other.

As the Gunners manager enjoyed a Thursday night meal at a South American restaurant in north London, his negotiators were putting an end to the notion — at least for another 12 months — that Wenger is football’s version of Scrooge.

Lucas Perez was in London on Friday to have a medical and complete his £16.9m switch from Deportivo La Coruna. Central defender Shkodran Mustafi will finalise his £35m move from Valencia this weekend.

Arsene Wenger has often been accused of not spending vast amounts of money on players 

Add that to the £35m spent on midfielder Granit Xhaka, £2.5m on Rob Holding and £3.5m on Takuma Asano — it’s been close to a £100m summer at the Emirates.

Who says Wenger doesn’t like to spend? The assertion that the Frenchman is tight-fisted is a modern-day football myth.

Wenger, despite the popular consensus, is happy to blow millions in the market. What he isn’t so comfortable with is the price. 

Wenger acted this last week to bolster his squad and in doing so has splurged over £50million

Arsenal’s valuation of a prospective signings is always put through a four-point acid test: the footballer’s current level of talent, his capacity to improve, his age and potential resale value.

If Wenger, and the club’s board, are satisfied the player in question fits the four criteria then they’ll loosen the purse strings.

Mesut Ozil was a case in point. The German was 24 and already recognised as one of the world’s most creative attacking midfielders when he arrived at the Emirates.

 Deportivo's Lucas Perez (centre) has been lined up for a total of £16.9million

His age — added to the fact he had the capacity to improve — meant that even if the transfer wasn’t a success, Ozil was at an age where Arsenal would still be able to recoup much of the fee. The result: a club record £42.5m deal. 

There are further examples illustrating the club’s policy such as failed moves for Phil Jones, Chris Smalling and Mario Gotze. Young, gifted players, full of potential.

Indeed, there are echoes of Arsenal’s valuation structure in their move for Mustafi; a Germany international, a proven performer in Italy and Spain and at 24 years old he has the capacity to improve and be sold on if necessary.

A total of £35m is being spent on Shkodran Mustafi (left) of La Liga side Valencia

Mustafi ticks all the boxes. That is why he’s set to become the club’s second most expensive signing behind Ozil.

Wenger, though, has shown an interesting change in tact over the summer. 

The shock factor of the club’s failed move for Jamie Vardy was amplified by the Leicester striker’s age.

At 29, despite his proven Premier League quality, the move for Vardy represented a sea change for Wenger.

He wasn’t buying potential but the finished article. The likelihood of recouping even half of the £20m fee was minimal. 

Yet, Wenger still decided to go for it, making Vardy his No 1 target. 

Arsenal tried to sign Jamie Vardy earlier this summer before he stayed at Leicester City

Mesut Ozil at £42.5m remains Arsenal's most expensive transfer in the club's history

Arsenal's players prepared on Friday ahead of their away game against Watford

The same can be said of the move for Perez, who turns 28 in two weeks.

‘He (Perez) is a late developer, he plays in different positions but he will be used as a striker,’ said Wenger on Friday.

‘I think he has good link up qualities, good finishing qualities.’

Last summer’s only signing Petr Cech arrived in north London at the age of 33. The shift in policy has been noted behind-the-scenes.

Is this the beginning of the end game for Wenger? Is he no longer planning for the future but for one last title tilt, particularly given his contract expires this season.

Time will tell. But, for now, he is happy to prove that, when the price fits, he’s happy to splash the cash.

‘You accuse me now of being a money splasher,’ Wenger joked. ‘Are they panic buys? Look at my face, is it the face of somebody who does a panic buy? No.

‘I try to make the decision. I always told you it’s not a question of numbers.

‘It’s: “Do you have the money to spend?”. That is the first. And after, do you make sure that you spend it well?

‘We live in a society where we always need new faces, hope for the future.’

Meanwhile, Wenger has confirmed Calum Chambers will be allowed to leave on loan.

Sportsmail revealed this week that the youngster had been given the green light to leave on a temporary basis, with Middlesbrough, Stoke, Hull and West Bromwich Albion all vying for his signature.