Maybe, however Wenger probably mesmerised them with his methodolgy of delivering maximum profits with minimum spend and minimum success.
He was here long before they arrived and we all know about his financial prudence it's clear they love the guy, he's probably fed them a load of stats about the merit of just coming 4th and qualifying for the CL without spending and it's easy to see why someone not interested and with no knowledge of football might buy into this methodology. After a number of years of this they're probably happy with the business model and have no real incentive to change, especially with a manager not interested in changing things at the helm who isn't going to ask them for any money.