Add to that a refusal to invest, and the sense that the manager is being hung out to dry by the club's owners, and suddenly Arsenal and Coventry aren't that far apart...
With that said, I'd 8-2 be an Arsenal fan right now!
60,000 fans every home game; Debt free (compared to us anyway); Own their own ground; Capable of beating most teams in the EPL, let alone the Championship.
I wouldn't say no to that right now, even if it means being creamed 8-2.
I was under the impression that they still have some debt, mostly from the building of the Emirates Stadium, though my memory might be playing tricks on me...
But your other points are fair enough- I honestly think Manchester United would win by a small rugby score if they were to play us, even though they weren't at full strength today (their best defenders are crocked)!