Ivan Gazidis insists Arsenal are “over performing” on the pitch in relation to how much they spend on transfers.
Gunners chief executive Gazidis came out fighting during a stormy AGM at the Emirates yesterday when he was quizzed about the club’s transfer policy.
He said: “Fortunately, there is one very accurate and objective way to assess how well and how consistently clubs perform in this area [transfers] over time.
“It is very simply to compare team performance by a series of objective metrics, usually league position or points, against expenditure on transfers.
"No club has a perfect record every year under this scrutiny but Arsenal has probably been, of the big clubs certainly, the most consistently over-performing team over time.
“I agree completely that we have to find ways to perform better. We want to compete at the top of the most competitive league in the world and that's why we are making investments and giving deep thought to how we can and will improve further in this area.”
Three FA Cups in the last four years has been Arsenal’s trophy tally since their last title win in 2004, though this is their first season out of the Champions League since 1996-97.
But Gazidis’s attempts to put a positive spin on Arsenal’s achievements and transfer dealings were widely ridiculed.
There were immediate murmurs of disagreement and Gazidis was heckled with one shout of “what about 10-2 v Bayern?” in reference to the Gunners’ Champions League humiliation over two legs (both ended in 5-1 defeat) against the German giants last season.
And that was typical of the fury and animosity aimed at the board during a hostile and fiery meeting.
Shareholders made their views crystal clear by opposing resolutions to re-elect chairman Sir Chips Keswick and owner Stan Kroenke's son to the board.
Despite a second show of hands confirming the first — and the results of a poll vote conducted in the room not being confirmed — the pair were reappointed because they had the backing of major shareholders Kroenke and Ulisher Usmanov.
But the point had still been made.
It was an explicit show of no faith in the board from the supporters.
Keswick was also repeatedly heckled during the AGM, with his dismissive tone, insistence that Kroeke Sr wouldn't be talking and point-blank refusal to answer questions fuelling fans' anger.
Even manager Arsene Wenger was targeted when he discussed how difficult it would be nowadays for a club like Aston Villa to win the European Cup due to a small group of clubs hogging most of the world's best players.
“At least they have won it!” came the shout from the audience.
Gunners chiefs were also forced to close ranks and defend each other as they came under increasing fire from the floor.
Keswick insisted Gazidis fully deserved his £2.6m salary, was doing a “fantastic job” and that his pay packet was comparable to his counterparts at other clubs.
Gazidis responded by issuing a passionate staunch defence of Keswick insisting: “The good of the club is his only consideration.”
Eventually ,the meeting descended into farce, the board were booed off and given a patronising slow hand clap as Keswick prematurely wrapped up proceedings.
Asked about the negative mood, Wenger said: “You want everybody to support the club. All of us have the same target to make Arsenal successful."