The outspoken Frenchman said: "The biggest threat to English football is that people buy clubs by loaning money from banks. This is what the Glazer family did with Manchester United.
"They are unique in that they produce so much money that they can handle it. However that example, played out at a smaller scale, can mean death to clubs and football as a whole."
Wenger fears the English game is in deadly peril.
He insisted: "English football is losing his soul.
"Fans are the keeper of our football. But the first signs of danger are there to see. Stadiums are starting to empty, TV channels and radio stations are overcrowded with football. There is a kind of overdose looming.
"I'm sure that there is a limit to the amount of football people can take, on TV and also financially.
"The danger wasn't there yesterday, but it?s there today. Of course you can have business integrated into the sport while still respecting the values of football. However, perhaps it is time for people to worry.
"Before you had a young kid who could watch his Liverpool team from the stand and who, after succeeding in life, would dream of buying his club. Things have changed beyond recognition all of a sudden."
The man known at the Emirates as the Professor knows it is not hard cash which is the root of all evil but what people do with it.
He said: "Money is not the culprit for the ills I'm pointing out. It's the way in which people are using it which is bad. If the target is to make sure that everyone improves and the players earn more and more money then that's absolutely fine.
"But if the consequences are that clubs are going out of business with massive debts then I?m against it all. What really disturbs me is that a club living way, way above its means is tantamount to cheating.
"There should be a European organisation controlling the club money like we have in France.
"But obviously a far better way would be for those in charge to be sensible in the way they run clubs.
"At Arsenal, everybody has got values which they hand down in perpetuity to new generations.
"The idea that they wanted to nick a player because he is one of the best, I can perfectly understand. But what were their values?
"My key question, with regard to the use of so much money in today's game would be: 'why should we and why can't we have young English footballers who are as good as anyone else in the world'?
"I believe that we must do something about this now.
"It is far from unusual for a player to come to us from South Africa or Brazil and be far better than an English player. This should not be."