Barclays Premier League rivals Manchester City today announced record losses of £121.3million.

By contrast, the Gunners have continued on a healthy financial footing following their move to the 60,000-seat Emirates Stadium in 2006, with the most recent figures revealing pre-tax profits of £56m with all the debt paid off on their Highbury Square development.

Arsenal head to Chelsea on Sunday with the fortunes of the Stamford Bridge outfit having been bankrolled by Russian owner Roman Abramovich.

Wenger is not a fan of clubs relying on the wealth of one individual, even though Arsenal have not delivered a trophy since their move from Highbury.

The Gunners boss believes lessons have been learned from past examples of clubs 'all-or-nothing' accounting.

"They have become more sensible with time because they realise it is only a short-term situation," Wenger said.

"You only have to look at what happened to Portsmouth and Leeds. All the mismanaged clubs died before. Nobody survived."

UEFA have approved plans which in the future will insist clubs in European competition spend only what income they are able to generate.

The financial fair play rules will require clubs to break even over a rolling three-year period if they want to compete in the Champions League or Europa League.

There will, though, be some leeway granted for the six years after 2012.

Nevertheless, some Premier League clubs - notably Manchester City, Chelsea and Aston Villa - as well as many across Europe could still fall foul of the rule unless they change their spending habits.

"We are happy that the rule comes in tomorrow morning. After that, we trust UEFA," Wenger said.

"[UEFA president Michel] Platini looks to be very strong-willed on the subject and he has my complete support.

"Apart from that, I don't want to judge any individual situations because they are really special in Manchester City's situation, but on the subject, I am 100% behind UEFA."

However, Wenger added: "It looks very difficult to me to bring in from one season to the next because if you are committed to contracts of three or four years, you cannot reduce the wages from one year to the next just because UEFA has kicked in some new rules.

"To get rid of the players will be impossible because nobody else will pay the wages, so this rule would have to come in smoothly.

"It is workable on a longer period, but not from one season to the next."

Wenger has often been criticised for his unwillingness to spend big, instead preferring to nurture talents such as captain Cesc Fabregas.

However, with the Gunners' long-term financial future secure, it looks set to prove a sound approach.

"I am not the only sensible person, but the fact that I manage a club in a sensible way looks crazy," Wenger said.

"The biggest reproach I get is 'why do you manage the club in the right way?'

"You have a tradition in this country of freedom to manage, each person can manage their own way. I will do it my way.

"If one day my board are not happy with it, they will tell me.

"I will manage in a way so that the guy that arrives after me has a good chance."