Are they reasonable expectations, the PL is a contest to see who can pay the most in wages, that's not arsenal, they have no place winning the league, that people consider them in the conversation is an achievement, they certainly shouldn't win the CL, not with the wages spent by their English betters or Barca and Madrid, what else is there, they consistently hit par.
100% correct!
the problem is that no fans dont see football as being a business. but some football clubs are run as genuine businesses.
so in the case of arsenal, fans just see that if they had made a £50m loss every year like their counterparts, they would be competitive with them. £50m is seen as pocket change in elite football, because of the spending habits of abramovic and mansour etc. arsenal make something like an average profit of £20m per season. if they were to lose £50m, that would represent £70m which they can invest in their playing squad. because football isnt business to fans, when a club like arsenal dont spend £70m to fill "gaps" in their squad, fans perceive this to be a "problem of transfer strategy", "lack of scouting knowledge", "inability to spot obvious problems" etc etc etc.
arsenal are quite obviously a business in the eyes of their owners, and so thats why their sporting performances should be judged uniquely. its wrong to compare them with a club like city who will spend "whatever it takes to win". or even with a club like real madrid, who's president has a basically unlimited loan fund from the government. and also unfair to compare them with cherry picked clubs like dortmund. if you want to judge their perfomances against a club like dortmund, you have to judge them against all the clubs of dortmund's relative size.
if all elite football clubs were forced to make a profit of at least £20m per year, i have no doubt that arsenal would be much more succesful. fwiw, this "utopia" somewhat reflects the landscape of the premier league pre-abramovic, where arsenal were more successful. having said this, if every club were genuinely forced to make a £20m profit every year, im sure arsenal would invest even less in their team and try to make a £100m profit every year. which perfectly highlights what arsenal are; a business. and explains why arsenal are where they are today.