I don't think he's delusional, he took over a team at top of pack behind top 6, has opened the wallet wide open.
I can understand why he wants Sanchez, or world class players. We're offering enough cash to think where's the world class options?
And who knows, Sanchez will be out of contract at the end of the season. If we offer big money in January, I could see us offering Arsenal and Sanchez best financial offer. It would seem impossible that he would want to join, given his frustrations at Arsenal and presumably desire to win things and our shit position.