Well if the buy out had happened Dein wouldn't have left, Weger would have had no doubts about signing a new contract and Henry would have had less of a reason to leave.
Arsenal are far too wealthy and properly run for that to ever happen,with a 60,000 seat stadium and world class facilities, as well as wealthy owners and very much one eyed supporter base, that's a very distant horizon
The goal posts have moved though, the relative wealth of Arsenal to the rest of the Premiership is getting less impressive as more clubs get bought out. This season Arsenal will be seriously challenged to stay in the top 4. By a major club I meant not just qualifying for the Champions league but actually being able to win it.
Although they may have loyal supporters, I have my doubts over the loyalty of the players to the club. It seems like its just a matter of time before Fabregas goes judging by some of his comments lately. Also if Wenger decides to leave I think there will be a few players close behind him, not to mention a new manager would have a very difficult job to continue the work that Wenger has done at the club.
I know my post might have seemed overly pessimistic but soccer can be very harsh in a short space of time. Look at Leeds. Granted, as you said, Arsenal are a well managed club and probly wont get into finacial difficulty but if they lack the finacial clout to buy good players and loose more of the good ones they have they will slip down the league.
This is a big season for them. If they have a good one, Wenger will be tempted to stay. If they have a bad one, they may miss out on Champions League football and alot of money, loose Wenger and loose players. Might seem like doom and gloom when put like that, but stranger things have happened.