Chief Executive Ivan Gazidis told shareholders that football's "pointless spending race" was ending and tried to reassure them that Arsenal would have the financial resources in the next two years to compete with the best.
"We can and we will return the club to winning trophies and drive it to new heights," said Gazidis, flanked by manager Arsene Wenger and American owner Stan Kroenke at a fractious annual shareholder meeting at Emirates Stadium.
The North London club have failed to win a trophy since 2005 and slumped to a 2-0 defeat in the Champions League on Wednesday against Germany's Schalke 04, their first home loss to a foreign team in the competition since 2003.
Wenger, who has been at the club for 16 years, told the meeting that Arsenal had "hit the wall" in the last two games, the defeat to Schalke and a loss to Norwich City in the Premier League last weekend.
"I believe this team can deliver," he said to applause from several hundred shareholders. "I am personally optimistic we will have a good season."
One shareholder clashed with Kroenke, the owner of a number of U.S sports teams including NFL's St Louis Rams, over whether he had honoured commitments to meet fans.
"I've met with the Arsenal Supporters Trust and other fan groups," Kroenke said before he was interrupted from the floor by his questioner.
Arsenal fans have dubbed Kroenke "Silent Stan" for his low-profile ownership after he became the club's largest shareholder in April 2011.
"I have never put debt on the club, I have never said in any meeting that money wasn't available," Kroenke said.
"My one regret with Arsenal was that I didn't get involved earlier," he added.
"I think this issue of conflict is vastly overstated," he said.
