Former Arsenal chief David Dein has blasted the current board.
"The landscape is changing," said Dein. "Manchester City, Aston Villa, Everton and Tottenham are not going to stand still, to say nothing of Manchester United, Chelsea."
Responding to the suggestion that Arsene Wenger would not spend big money, Dein said: "He's never had the luxury. Is it strong enough to compete with the likes of Barcelona and Milan? Compared to Manchester United, we are in the Stone Age.
"Have they [the directors] ever said, 'Arsene, don't have a conscience over the cost. We've gone past that stage now. We've got to be brave and bold in the market. Just tell us, how much do you need to win the Champions League?' "
Dein's remarks were published in a new book, Arsenal – The Making of a Modern Super Club.