Why hasn't he left if the board are being a hindrance? It may well be because his £7M/year salary is a strong incentive, but that just makes him a sell out. It would have been far more honourable to say "I can't work under these conditions" and leave the club, citing irreconcilable differences with the board in terms of the direction of the club.
"I really like Arsenal. Do you really like Arsenal, or only Arsenal with trophies?" - Dennis Bergkamp.
"Which Arsenal do they want back, the one Arsene created?" - Tony Adams.