Arsenal chief executive Ivan Gazidis was reportedly ridiculed by supporters at the Gunners' annual general meeting after claiming that the club is "over-achieving".
Fans reacted with "fury" when the businessman implied that the London team is punching above its weight based on its trophy haul in recent years offset against the amount of money they have spent, reports the Daily Mail.
"It is very simply to compare team performance by a series of objective metrics, usually league position or points, against expenditure on transfers," Gazidis is quoted as saying.
"No club has a perfect record every year under this scrutiny but Arsenal has probably been, of the big clubs certainly, the most consistently over-performing team over time."
The club has shelled out around £300m in transfer fees since the summer of 2013, while their top-four rivals have spent significantly more.
Although Arsenal have lifted the FA Cup on three occasions in the last four seasons, their fifth-place finish last term saw them miss out on Champions League qualification for the first time in 21 years and ramped up the pressure on manager Arsene Wenger.
The Frenchman's long-term future at the club is expected to be reviewed next summer.
Mark Langshaw
