Arsenal recorded a loss after releasing their accounts information for 2018-19, the club’s first overall loss since 2002.
The loss was mainly down to the North Londoners missing out on the Champions League for two consecutive seasons.
Keown admitted his former club’s financial future is bleak, but Arsenal owner Stan Kroenke must support Arteta with money to rebuild the team.
“Arteta has got to be allowed to build the team, he’s got to be given money to develop,” the 53-year-old told Goal.
“Do the owners need to put some of their own money in? Obviously there are limits to the losses the club can run at, we know that with Manchester City in recent weeks and what they’ve gone through, but expenditure needs to be made in the team.”
With the futures of Alexandre Lacazette and Pierre-Emerick Aubameyang still in doubt, Keown says he would like them to stay, but insists the Gunners should not be held to ransom.
“Key decisions need to be made [with Aubameyang and Lacazette],” the Englishman added.
“Are they going to stay or not? Do Arsenal have to face up to the prospect of perhaps losing Aubameyang? I wouldn’t want to see him go, but they don’t want to be held to ransom either.”
“You could argue with Ozil that’s what happened because at the time [Alexis] Sanchez and Ozil were two big players and they didn’t want to lose both so they invested heavily in Ozil.”
