Gunners legend Petit has been left fuming at the way American billionaire Kroenke has failed to dig into his pockets to help keep the club at the top of the game.
Boss Unai Emery has been told there is little money available to strengthen his squad this summer as the purse strings at the Emirates remain tightly closed.
But Petit says Kroenke owes the long-suffering supporters some investment for the way they dig deep themselves just to follow their side in action.
Petit told football-london: “I was told that Emery received a message from the board that he is not going to get the money he wants to buy players.
“So why did you sack Arsene Wenger if you are going to keep the same policy? Explain to me?
"How can you ask Arsenal to be competitive against clubs who are splashing money in every single transfer market to be more competitive every season?
"Look at what City, Liverpool, even Manchester United did. It is so far away for Arsenal.
“OK Arsenal spend some money on one or two players, but as this was a big turning point with them, I was expecting a revolution to come, it never came.”
“I have a message to the board. How can you expect the team to be competitive against City and Liverpool on the pitch when you are not competitive financially off it?
“They have a responsibility. It’s been a long time that the fans have been expecting that.
"Arsenal is a rich club, there’s lots of cash. I think it’s time for you to pay back to the fans.”
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