Non-League Wrexham outspent Arsenal in the January market.
Mikel Arteta missed out on a number of key targets and also lost 14 players.
Wrexham, meanwhile, splashed £300k on Ollie Palmer from AFC Wimbledon in their bid to be promoted back to the Football League.
Arteta will have to make do with his current crop of stars in Arsenal's bid to finish in the top four.
The Gunners missed out on Serbia striker Dusan Vlahovic as he decided to join Juventus instead.
Deals for Real Sociedad striker Alexander Isak and Espanyol's Raul De Tomas also fell through last month.
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