Arsenal spent less on transfers than West Ham and Queens Park Rangers between June 2010 and May 2015, figures from Deloitte have revealed.

In their annual review of football finance, the professional services company revealed Arsenal’s net transfer expenditure to be £86.95million during a period where West Ham - who played one season outside the top flight - spent £87.9m, while QPR invested £89.9m in their playing staff.

Arsene Wenger’s expenditure pales in comparison to that of their traditional rivals Manchester City, who lavished £465.5m on player recruitment, Chelsea (£326.2m) and Manchester United (£273.3m), though in that time only Arsenal and City managed to finish in the top four every season.

The period analysed by Deloitte's report encompasses the seasons 2010-11 through to 2014-15, a time of significant change in Arsenal’s balance sheet.

The early years saw key first-teamers including Cesc Fabregas, Samir Nasri and Robin van Persie depart to domestic and European rivals respectively, with the trio earning Arsenal a combined sum of £85m as they looked to decrease the debt built up by the construction of the Emirates Stadium.

However, recent years have seen the financial shackles released from Wenger, who has spent £42.4m on Mesut Ozil and £35m on Alexis Sanchez. It has yet to bring him a first league title since 2004, though Arsenal have improved on their previous league position in each of the last three seasons.

Wenger and majority shareholder Stan Kroenke have long earned criticism from a section of supporters for failing to spend heavily, though that has been eased somewhat with the recent £34m signing of Granit Xhaka. However the revelation that Arsenal failed to match the expenditure of mid-table sides could further frustrate those who believe their club lacks ambition.

The Arsenal manager has since maintained that he is now able to invest more significantly in the playing squad. After the final game of last season, a 4-0 win over Aston Villa that secured the Gunners second place ahead of Tottenham, Wenger said: “Stan Kroenke is completely behind myself and the board investing as much money as we want.

Deloitte Annual Review of Football Finance 2016 7 show all Deloitte Annual Review of Football Finance 2016 1/7 Battle of the bank balances Which of London's Premier League sides have seen the biggest growth in revenue over recent years?



The Deloitte annual review of football finance reveals it all. 2/7 Arsenal 2010-11 revenue: £226.8m



2014-15 revenue: £331.3m



Transfer expenditure 2010-15: £87m



2014-15 wage bill: £192.2m



Average Premier League finish: 4th Mike Hewitt/Getty Images 3/7 Chelsea 2010-11 revenue: £228.6m



2014-15 revenue: £319.5m



Transfer expenditure 2010-15: £326.2m



2014-15 wage bill: £217.1m



Average Premier League finish: 3rd (BEN STANSALL/AFP/Getty Images) 4/7 Crystal Palace 2010-11 revenue: £12.7m



2014-15 revenue: £99.5m



Transfer expenditure 2010-15: £34.5m



2014-15 wage bill: £68.8m



Average Premier League finish: 11th



Palace have spent two of the last five seasons in the Premier League Michael Regan - The FA/The FA via Getty Images 5/7 Tottenham 2010-11 revenue: £163.5m



2014-15 revenue: £195.9m



Transfer expenditure 2010-15: £70.9m



2014-15 wage bill: £107.3m



Average Premier League finish: 5th 6/7 Watford 2010-11 revenue: £11.6m



2014-15 revenue: £18.4m



Transfer expenditure 2010-15: -£17.8m



2014-15 wage bill: £20.7m



Average Premier League finish: N/A



Watford have spent none of the last five seasons in the Premier League 7/7 West Ham 2010-11 revenue: £80.9m



2014-15 revenue: £122.4m



Transfer expenditure 2010-15: £87.9m



2014-15 wage bill: £72.7m



Average Premier League finish: 14th



West Ham have spent four of the last five seasons in the Premier League Mike Hewitt/Getty Images 1/7 Battle of the bank balances Which of London's Premier League sides have seen the biggest growth in revenue over recent years?



The Deloitte annual review of football finance reveals it all. 2/7 Arsenal 2010-11 revenue: £226.8m



2014-15 revenue: £331.3m



Transfer expenditure 2010-15: £87m



2014-15 wage bill: £192.2m



Average Premier League finish: 4th Mike Hewitt/Getty Images 3/7 Chelsea 2010-11 revenue: £228.6m



2014-15 revenue: £319.5m



Transfer expenditure 2010-15: £326.2m



2014-15 wage bill: £217.1m



Average Premier League finish: 3rd (BEN STANSALL/AFP/Getty Images) 4/7 Crystal Palace 2010-11 revenue: £12.7m



2014-15 revenue: £99.5m



Transfer expenditure 2010-15: £34.5m



2014-15 wage bill: £68.8m



Average Premier League finish: 11th



Palace have spent two of the last five seasons in the Premier League Michael Regan - The FA/The FA via Getty Images 5/7 Tottenham 2010-11 revenue: £163.5m



2014-15 revenue: £195.9m



Transfer expenditure 2010-15: £70.9m



2014-15 wage bill: £107.3m



Average Premier League finish: 5th 6/7 Watford 2010-11 revenue: £11.6m



2014-15 revenue: £18.4m



Transfer expenditure 2010-15: -£17.8m



2014-15 wage bill: £20.7m



Average Premier League finish: N/A



Watford have spent none of the last five seasons in the Premier League 7/7 West Ham 2010-11 revenue: £80.9m



2014-15 revenue: £122.4m



Transfer expenditure 2010-15: £87.9m



2014-15 wage bill: £72.7m



Average Premier League finish: 14th



West Ham have spent four of the last five seasons in the Premier League Mike Hewitt/Getty Images

“It has to be in respect of a balanced budget, we have resources but the problem is finding players. Everybody has money in England and they’re all after good players.

“The good players aren’t legion, you have to be shrewd and be a little bit lucky.”

In three of the five seasons Arsenal’s reported expenditure for the previous season has been lower than the average for the Premier League, with the 2014-15 figure, which includes the signing of Ozil from Real Madrid, the first occasion when the Gunners’ spending was significantly greater than the top flight average.

Both in 2010-11 and 2011-12, Arsenal’s net transfer activity was reported at less than £2m where Manchester City net expenditure for the seasons was slightly under £240m.

Much of West Ham’s £87.9m net spend came in the final two seasons recorded by Deloitte, on signings such as Andy Carroll and Stewart Downing.

Arsenal did outspend north London rivals Tottenham during the five year period, though Spurs enjoyed even more significant income from player trading than Arsenal.

Daniel Levy sold Luka Modric (£33m) and Gareth Bale (£85m) to Real Madrid.