Its and interesting chart but when were those fees paid? Who went out to make up for them etc? IMO wage spending makes the biggest difference. United usually sign a big player a year but haven't had a massive summer spend since Ronaldo went, and he made up for that. We can't quite match it but we can come close.
In fact if we'd spent the money as we got it from RVP, Cesc, Nasri, Adebayor, Song, etc we'd easily be competing. Just look at the players we failed to cough up for, the likes of Mata, Alonso, etc Our targets are usually spot on, our valuations usually wrong.