Small shareholders represented by the Arsenal Supporters' Trust (AST) have also demanded greater engagement from Stan Kroenke, the American billionaire who owns a majority stake in the club.
Arsenal have not won a trophy since 2005 and have suffered a disastrous week in which they were knocked out of the FA Cup and effectively eliminated from the Champions' League following a 4-0 first leg drubbing by AC Milan in the round of 16.
In an analysis of the club's finances, the AST estimated that Arsenal had around 50 million pounds to "spend or to save for a rainy day." It asked whether this was made available to manager Arsene Wenger to strengthen his squad.
"Did the manager have the option to use all or some of these cash reserves in summer 2011 and January 2012, or are resources being held back as a contingency for failure to qualify for the Champions League?", it asked in an online posting.
Faulure to qualify for Europe's premier club competition would cost Arsenal 45 million pounds, the AST estimated.
"Our wage spend is 40 percent higher than the payroll at another club in North London and Arsenal are in danger of being overtaken more than temporarily by those who spend their wages more efficiently," it said.
