The Arsenal Supporters' Trust blame club majority shareholder Stan Kroenke for the Gunners' woes.
AST spokesman Tim Payton said: "It's actually the continuation of concerns we have been raising with the club.
"We've been raising concerns about the lack of football people in the boardroom and who's managing the manager and his expenditure for a long time.
"Why it was issued after the Aston Villa game is because we're more than three quarters of the way through the transfer window without a penny being spent despite the huge amounts of cash held in reserve.
"Our squad is palpably not good enough to represent Arsenal effectively in games at the moment. We felt there had to be a challenge to that."
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