The Frenchman claims the financial situation is the worse it has ever been during his 13 years in this country since he became manager of Arsenal in 2006.
He also accused moneybags Chelsea and Manchester City - who paid a British transfer record of £32.5m for Robinho - of "half cheating" their way to the top as both clubs are backed by billionaires and not run as businesses.
Wenger wrote in The Sun: "It is certainly the worst financial situation in my 13 years in English football. Professional football is about winning and balancing the budget.
"That's the basic rule and one I fought for at Arsenal. The rest is half-cheating. Other clubs have artificial income from owners. They do not live off the money from the game.
"We live in a competitive world and that's why I say some of what happens now is financial doping."
Wenger says the situation has got so bad clubs who are struggling financially are just preying they will be bought by a Russian billionaire or a Saudi prince.
"All the clubs living in debt think a rich owner will come and buy them," added Wenger.