But the transfer deadline passed on Tuesday without the addition of a blockbuster striker or world class defensive midfielder that supporters have long called for.
The lack of arrivals are not for a paucity of money. In July, Arsenal director Philip Harris said the Gunners had the money to sign "anyone but Cristiano Ronaldo and Lionel Messi" and had over 200 million pounds in the bank.
"Arsenal are in a strong financial position and it is of course disappointing that (the) transfer window has closed with just the signing of Petr Cech," the AST said in a statement posted hours after the window closed.
"Arsenal have built a strong squad and just one or two more good additions would have strengthened the chances of winning a first title in 11 years."
Under Wenger, Arsenal have endured a period of severe financial restriction brought on by their shift from their old Highbury ground to the Emirates Stadium before the start of the 2006-07 season.
However, the expensive arrivals of Mesut Ozil in 2013 and Alexis Sanchez last year led to an end of the prudent years and back-to-back FA Cup wins.
The AST, keen for the club to kick on and land a first ever Champions League title and end the wait for another Premier League crown, said a transfer review was long needed.
"No one wants Arsenal to buy players just for the sake of it, but we do want to see the money being invested to make the club stronger," the AST added.
"This isn't an issue that affects just one transfer window and seems to indicate a wider structural issue.
"We urge the board to now open a full review into its arrangements for scouting and purchasing players.
"A review of this type is a good governance practice and can only help Arsenal to become a stronger club. The AST will be raising this with the Arsenal board."
($1 = 0.6532 pounds)
(Reporting by Simon Jennings in Bengaluru. Editing by Patrick Johnston)
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