If you wanted to scapegoat Wenger, it would be over more than a minor profit every year. If the board owners wanted, the 100mil we bring in from the stadium spanks that of all but one other team in the league. We would be significantly more profitable in 5th place out of the champions league but spending 80mil a year in wages. 20-25mil for the champs league to get just out of the group stages(and thats today, till a couple years ago it was more like 10-15mil) but we spend 50mil more in wages than Spurs do? We could have taken the 110mil we made in player sales in the past two seasons and NOT spent it, instead we spent about 110mil in new players......
The board make a fairly slim profit(as yet) and have spent in most seasons what we make in player sales. There is no 40mil profit every year they are protecting, we just don't make that much profit, we could but due to the high wages and huge squad we don't.
Wenger, and no one else, chose to implement his wage structure different to most other teams in the league, Wenger chooses to keep dozens of youth/reserve players well past the point we know they won't make it at Arsenal while paying them some serious wages. We released 22 players so far and made 2mil back on them, we spent 15mil alone on Arshavin who we've turned down offers for because the offers were too low, Denilson, Santos last season and many others.
THe maybe more worrying question is did Wenger u-turn and finally say lets stop wasting money on bad players just because he feels bad to show them the door, or did all the youth/reserve players finally realise Wenger has no interest in giving them real games, any chance at real development and walked out while Wenger wanted to keep them.
If the board were about the profit, we wouldn't be pushing north of 150mil in wages, we wouldn't have spent just about every penny made in player sales in the past 2 years back on buying replacement players.
If the board cared about profit, and profit alone, Wenger wouldn't be in charge and our wages would be maybe where Spurs are spending now. People bang on and on about the financial boon that is finishing fourth, but how on earth is being in fourth, making 20mil from the champs league profitable if you have to spend 50mil + more than the guy that finishes in 5th to do it? Spend 50mil + more to chase after the 20mil bonus champs league places............ can anyone do basic maths?