Former Arsenal forward Charlie Nicholas believes his old club's bosses have a 'decision-making problem'.
Nicholas has slammed the Gunners for an issue he believes has been going on since former co-owner David Dein walked away from the club in 2007.
The Scot says the decisions made by figures high up at the club are part of the reason why Arsenal find themselves in ninth and a world away from the likes of Liverpool and Manchester City.
"I think the reality is for years and years, even under Arsene Wenger, we sold (Patrick) Viera, we sold (Thierry) Henry and we sold most of our big players," he told Sky Sports.
"There was nothing wrong with change because we went with (Cesc) Fabregas, who was a fabulous talent.
"But then they were younger and they were threatening to leave quite young and we were not really getting the benefits of them.
"For example, we do all the hard work with (Aaron) Ramsey and then we let his contract run down and at 27, 28 years of age he disappears for nothing.
"So, there has been a problem at the top level for a long time, and dare I say it even goes back as far as David Dein not being president any more."
Nicholas also slammed some of the Gunners' signings in recent years, including defender Shkodran Mustafi, who arrived from Valencia for around £40m in 2016.
"We have a problem finding players - we paid £30/£40m for Mustafi and defenders who, in all honesty, and it's only my opinion - have not cut it for Arsenal, they have not been good enough," he added.
"We have been buying wrong and then the players realise they are not a threat to win the Premier (League), we are out of the Champions League.
"So, the hierarchy have got it all wrong. I don't think Arsenal at the moment are even a club to move on again. I think they (the players) get there, they love it and then realise 'we are not going to win trophies here, I want to move on and win trophies'.
"If (Pierre-Emerick) Aubameyang does go, he will want to go to a club who wants to win trophies, it's the same as (Robin) van Persie did.
"Arsenal don't have an identity problem, they have a decision-making policy problem and it has to be sorted at the top end."
