He's not a penny pincher and he never has been. He paid quite handsomely for the boatload of foreigners that helped win you guys all those trophies in the beginning of his tenure.
Your board are the penny pinchers, and have been roughly 80% of your problem in the last decade. Wenger was a serial-winner when he arrived, took you guys to the promised land several times while also revolutionizing the game, and then your board turned him into a yes-man while giving him virtually no resources at all (compared to the other teams at Arsenal's level) and happily let him take all the blame for anything that goes wrong.
The board have created an atmosphere where making lots of money, and just being in European competition (and being in London) is the ultimate goal. They don't actually care how well you guys do as long as they keep making money and getting lots of exposure.
Also, the players you have either kind of suck and don't belong on a top team (Coquelin, Ramsey, Ox, Gabriel, Ospina, Mustafi, Perez) or are wildly overrated (Alexis). Alexis has the right mentality, but the wrong application. He doesn't even run as much as his reputation suggests, "lazy" Ozil outruns him constantly, he's also kind of a massive douche. A guy like that can be toxic to a locker room, which is part of the reason Barcelona was happy to let him go (people forget this quite often).
You guys need a pretty big overhaul, starting with the players. It's probably time for Wenger to go, but he's been pretty hard-done by for quite some time now.
It's pretty unfair to him that some new manager will likely come in and be allowed to spend a bunch of money while clearing out all the deadwood, something that I bet you Wenger has been dying to do for some time now.
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