I do think it somewhat foolhardy to claim that fees are way less than wages, because the total cost of player wages depends on how long they remain at the club so that won't always be the case. Whatever Ibrahimovic got paid at Barca will be dwarfed by the £38m + Eto'o fee they paid for him (Wiki suggests the final value of the deal was €69.884m). You can't really make a direct comparison because wages are time-dependent.
For me, you have to look at the two hand in hand, both are important and you can't simply dismiss transfer fees as they are often the equivalent of several years wages.
THe reason to dismiss then in general is as I said before.
If you get Messi as a kid for free, or pay £100mil for him a couple years ago..... he'd be on 250k a week either way.
Transfer fee's are utterly and completely dependant on luck, timing, big stupid clubs wanting to be in on the deal, wanting to make a statement to their neighbours, there is ZERO sense in transfer fee's.
As pointed out RVP for sub 3 mil, Cesc for sub 1 mil(it was the same as we have here, a compensation plan for youth players leaving without a contract), if Ronaldo hadn't been for sale and Cesc had an uninjured season he might have gone there for 60mil. Ronaldo could have had two incredibly injury hit seasons, gone for 15mil with a year left on his contract rather than 80mil.
Wages.... even out some what(not completely though) but transfer fee's are, literally incomparable. Ronaldo and Messi, signing fee essentially 80million apart, both on 250k a week roughly(more now for both I think).
The thing is, transfers MIGHT be higher for one player than his total contract, but there isn't a squad out there whose wages won't cost WAY beyond their transfer spending.
City have spent half a billion on transfers, but looking at 190mil in wages already, and likely to increase, across a 4 year contract assuming most players were on a contract that length, that is 500million of players, in the most expensively assembled squad ever....... and wages are going to cost them probably around the 900million mark over 4 years... assume everyone stayed and signed another 4 year deal on higher wages, that is still 500mil of players, and probably at 2.5billion spent in wages.
Arsenal transfer fee's + wages spent since 2001 will be massive, compared to Spurs I'd think we are WAY ahead.
Another factor is, Wenger will eventually go and Arsenal will almost certainly ship out a bunch of players on the cheap and spend pretty heavily for 2-3 years, thereby "gaining" back on Spurs spending in the past decade, while Spurs likely have quite years, infact if you look they only spent big for 2 seasons and are now not spending an awful lot. So they stay pretty stable and Arsenal's goes up for 50-100mil, but each year we're still spending 50mil more in wages.
Fact is that wages dictate the quality of player you SHOULD have and can get. It's why Spurs don't have an Aguero, or Messi, or Ronaldo.
If Arsenal were spending the exact same amount of money on a real squad, Spurs wouldn't have a chance at top four(if Chelsea weren't throwing it all down the toilet on a truly horrific squad for £150mil a year).