After going a sixth season without a trophy, Arsenal have brought in just one player, Carl Jenkinson from Charlton for £1 million, while rivals Manchester United and Liverpool have already broken the bank for Phil Jones and Jordan Henderson respectively.
And Gazidis says he understands the fans' frustration, telling them: “Coming off the end of the season, I share with you a sense of profound disappointment.
“We had a season that promised a great deal and looked like it could turn into a very special one, but in the end a familiar story began to tell itself. I understand the feelings that we all felt.
"It is very clear we had some shortcomings and in this close season we are going to see some turnover of players. Some new signings will be coming in and some of our existing squad will be going out. As Arsène [Wenger, the manager] has said, it will be a busy close season for the club."
Despite a season of disappointment, which saw The Gunners lose the Carling Cup final, and knocked out of the Champions League and FA Cup in quick succession before they eventually fell way in the Premier League title race, Gazidis doesn't look upon the season as a complete disaster.
"But also it is important to recognise that it has not been a disaster. We have a young squad and we don't want to throw the baby out with the bathwater. The trick will be to identify which parts to keep and which parts to turn over. And we will do that within our financial capabilities."