Arsenal chief Ivan Gazidis says he's as disappointed as any fan over last season's collapse.
Gazidis was taking part in a Q&A with the Arsenal Supporters Trust.
"Coming off the end of the season, I share with you a sense of profound disappointment," he said.
"We had a season that promised a great deal and looked like it could turn into a very special one but in the end a familiar story began to tell itself. I understand the feelings that we all felt.
"It is very clear we had some shortcomings and in this close season we are going to see some turnover of players.
"Some new signings will be coming in and some of our existing squad will be going out. As Arsene has said, it will be a busy close season for the club.
"But also it is important to recognise that it has not been a disaster. We have a young squad and we don't want to throw the baby out with the bathwater. The trick will be identify which parts to keep and which parts to turn over. And we will do that within our financial capabilities."