Buy: Mari - permanent 6 million
Cedric - free
Partey - 50 million
Cantwell - 30 million
total: 86 million

Sell: Lacazette - 45 million
Sokratis - 10 million
Mkhitaryan - 10 million
Elneny - 7 million
Mustafi - 15 Million
(Also I would sell Ozil however I feel this is impossible as nobody would want to pay his wages)
total: 82 million
net spend: -4 million.

Loan- Osei-Tutu, Mavropanos, Jon-Jules, Medley and Maitland-Niles (I would preferably keep him however it seems like Arteta doesn't rate him.
Release - Macey, Sheaf, Illiev and Bola

I would also promote some other youth graduates including Azeez and maybe a third choice goalkeeper.

Please let me know what you think, I've tried to keep this as realistic as possible and I think with everyone fit this team isn't as bad as people think.