Arsenal shareholder Alisher Usmanov has criticised the running of the club after captain Robin van Persie revealed he would not be renewing his contract.
The Dutchman, who scored 30 Premier League goals last season, has less than a year remaining on his current deal and could either leave the club for a cut price this summer or in 12 months on a free.
Van Persie is the latest big-name player to refuse to commit to Arsenal, after the departure of Cesc Fabregas and Samir Nasri last summer, and Usmanov demands answers on how the club will prevent further losses.
"Yet again we are faced with losing our true marquee player because we cannot give confidence we can win trophies," he said.
"As a top club we should, at the very least, match if not beat the offers that other clubs make to try and lure our very best players away and provide a more compelling vision for the future.
In an open letter to the club's board, Usmanov's Red and White Holding company said: "In our view it is clear you are trying to distract attention from the more fundamental issues facing the club. These are the financial model, the lack of investment and club's future strategic direction."
"As a consequence of this policy, which is dressed up as prudent financial planning, it is down to our manager and not the shareholders, to have to deal with the club's tight finances, carry the burden of repaying the stadium debt by selling his best players and having to continue to find cheaper replacements.
"This policy is leading to the loss of our best players, often to main competitors, and even causes the players themselves to question their future at the club and the club's ambitions.
"The situation with Robin van Persie sums this up."
In his explanation for leaving the club, Van Persie said he and manager Arsene Wenger had disagreed over Arsenal's future, while revealing financial terms had not been discussed.
Arsenal are without a trophy since 2005, when they won the FA Cup against Manchester United, but have made appearances in the League Cup final and Champions League final amid their seven year trophy drought.
Usmanov added: "As a top club we should, at the very least, match if not beat the offers that other clubs make to try and lure our very best players away and provide a more compelling vision for the future.
"You can try and put a good face on a bad game for as long as you want, but it will not hide the obvious fact that it just does not allow our great manager to fully realise his managerial talent and deliver success for fans who are paying the highest prices in the land."