The Gunners crashed out of the FA Cup at Sunderland on Saturday, which came on the back of an abysmal performance away to AC Milan, where a 4-0 defeat all but ended their Champions League ambitions as their quest for a first trophy since 2005 looks set to continue.

Arsenal’s parent holding company, of which American sports magnate Stan Kroenke is now majority shareholder, are set to release interim figures for the past six months.

The last set of financial results published for the year ended May 31, 2011 revealed a significant reserve of ’cash and short-term deposits’ at some £160m, which chief executive Ivan Gazidis stressed at the time was “working capital” going forwards, with funds always available to the manager should he wish to use them.

The AST, a group made up of minority stakeholders, has conducted their own detailed breakdown of the latest projected numbers, and believe most of that reserve has already been accounted for, while they also estimate failure to qualify for the Champions League would cost the club around £45m in annual revenues.

The AST, who held a meeting of members last night during which concerns over the direction of the club were raised, are set to put their concerns to the club in search of answers.

A statement read: “The AST recognises that the £50m cash surplus and £35m future property money does provide a safety net for Champions League non-qualification, but there are UEFA Financial Fair Play and club strategy issues that concern our members.

“The AST still seeks a fuller explanation from the new owner as to his vision for the club. Greater engagement by Stan Kroenke (as he committed to in the Takeover prospectus) would help to address this.”