it's a combination of things i think:
1. Kenwright clearly does not have the resources to run a prem club.
2. Moyes and his reluctence to persue the foreign market (better bargins to be had imo)
3. Lack of communication with fans, which just winds everyone up, then people start wanting to sack the board, manager, etc. If they were a bit more honest then the fans would understand more, but were always so cagey with everything.
4. Yes, some of the other teams do seem to spending stupid money this summer, but that seems to happen in this country, hence the reason wenger shops abroad.