On Sept 1st I'll re-evaluate our position with everything considered. I'm not throwing the towel in because we won the 1st leg and lost 1 game this season. Problems are mounting I can see that, but 1-2 DECENT signings (doesn't have to be anything ridiculous) and get our injured/suspended players back we'll be fine. String a few results together and we'll be all good.
Even without Champ league football Arsenal will still do extremely well financially in comparison to others in the same boat. Yes as of right now the football has stalled and they are in a bad rut, but they still play fantastic football, they had some great games last year (Barcelona etc). I'm not one to judge a team 1 week in to the season. Let's qualify for the Champs, sign a couple of interesting yet proven players and crack on with the season.
I'm still not sure why you call yourself a supporter DM?
I remember when ever I went to Highbury as a youngster week in and out, there was a guy behind, every game all he ever did was moan and sweat his head off at the Arsenal team

I really did not understand the point in going and paying, he clearly had no joy in it at all.
I did then and still love watching Arsenal - that's my team
Sorry but the club is WELL beyond 1-2 decent signings to do well, Cesc is one of 4-5 central midfield players who are just on another level, we will not get another one, Wilshire isn't a million miles off, but Cesc has merely been making up for our lack of quality elsewhere, we had Cesc AND Wilshire last year, this year just Wilshire. They linked up brilliantly and did most of the creative and a huge portion of the defensive work in midfield. Cesc is literally irreplaceable, it will take improving SEVERAL positions to get back to where we were, and what Arsenal fans seem to forget, is we were no where in terms of winning the league. Back where we were, isn't good enough. With Cesc, and Clichy, and Nasri, and Bendtner, we still needed 3-4 positions improving and our backup strengthening to really go after the title. We're now 2, and likely going to be 3 or 4 players FURTHER away than before.
As for calling myself a fan, I don't complain when we play great football and win 7-1, I don't complain if someone makes a one off mistake and we lose a game, I don't complain if we lose 5-1 to Utd when going balls out to win the league. I complain when we win 2-0, against someone crap, and the same people make the same mistakes over and over, and just because it didn't cost us, nothing is done about it....... because eventually those mistakes do cost us games, and titles, and cups.
I can't stand fans who sit back and say, it could be worse, we could be Torquay, etc, etc. We're Arsenal, WAGES are where all the spending is, not transfers, for every 100mil we spend bringing in players, we'll be spending HALF A BILLION on wages over the 5 years those players are at the club, and the other players. In wages we simply are a top 4 team, we've been wasting 20-30mil a year on players who, aren't playing at all, or simply aren't good enough, every year you pay a Denilson 2-3mil, thats the same money that could be spent on wages of someone a heck of a lot better. I want to win the league, and can't abide repeated mistakes that aren't learnt from. If Wenger makes a mistake, and learns from it, I don't care, thats life, if I was manager I'd make mistakes. But if he refuses to learn from them and walks headlong first into the same mistake over and over, sorry but thats NOT doing a good job. I think from 2006 up till 2 years ago, we had a squad that could have won the league every single year but for constant mistakes from Wenger, not even being in the fight(except mathematically), is a joke. Every team has bad years, UTd have come 3rd, thats life. Money isn't an excuse, wages aren't an excuse, buying bad players isn't an excuse(Chelsea and Utd have made LOADS of mistakes, difference is they learn from them and move on, drop them/sell them), the only excuse is Wenger doing the same things over and over and over, none of which work.
As for financial position being strong without the champs league, you could not be more wrong. This is where fans are just daft. Sorry but, in the champs league we don't suddenly end up in the position of being like Villa but 20k bigger stadium that brings in 40-50mil extra a year. We have wages of 110mil, if we drop out of the champs league we'll still have wages of 110mil a year..... this is what you fail to grasp. Our 60-100mil profit years have been mostly from the sale of the flats, which are now go, we can't resell them over and over and over
At Highbury, say we had 50mil income a year in receipts, thats probably close, thats all well and good, so we move to Emirates, with 100mil gate receipts, woo, 50mil profit, problem is we used to spend 65mil on wages, we now spend 110mil, and overall we're almost exactly where we were, very little net profit, without champs league, we'll almost certainly be losing money every year.