Vinai Venkatesham has admitted that Arsenal 'are not where we want to be as a club'.
The club's managing director was joined by Raul Sanllehi and new technical director Edu for a Q&A at the Emirates Stadium and was asked a question about the current position of the club.
Unai Emery's side are set for their third season in the Europa League after finishing outside of the Premier League's top four - something which Arsenal supporters aren't happy about.
Speaking at the Q&A , Venkatesham said: "We know we are not where we want to be as a club.
"If we had finished third and won the Europa League last season, we would be saying the same thing. We have to find a way to compete for the biggest trophies and we aren’t doing that at the moment.
"There has been a huge amount of change at the club over the last 14 months in pretty much every single area.
“We have moved from the traditional manager model to a model where we have a Head Coach.
"There have probably been more than 40 ins and outs on the football side in that time. Per Mertesacker is head of the academy, Freddie Ljungberg and Steve Bould have changed roles, Edu joined us a few days ago. So that’s a big change with people that know this club.
“We’ve got a new commercial director, people director, Edu and Huss Fahmy have joined, Raul and I are in new roles.
"There is a new transition team in place on how we manage players from the Under-23 team to the first team. So much of the change has been because we’re not where we want or need to be and we need to get better and to improve.
"The results won’t come straight away, it will take some time.”
