Former Arsenal vice-chairman David Dein believes that the club's fourth-place finish in the Premier League was just cause for celebration.
The North London outfit were criticised in some quarters for their reaction to qualifying for the Champions League ahead of local rivals Tottenham Hotspur on the final day of the season.
However, Dein thinks that the current strength of the squad means that securing a place in Europe's premier competition should be seen as a momentous occasion.
"There is plenty of reason to celebrate finishing fourth," Dein told Sky Sports News.
"[Arsenal manager] Arsene Wenger has waved his magic wand again as he has done for the last 16 years and qualified for the Champions League. If one looks at it, it is not the greatest squad he has had, it is a talented one but what he has had to work with, he's done extremely well.
"However, the final analysis is that they have finished 16 points behind [Premier League winners] Manchester United and that is not good enough."
The Gunners have played in the Champions League in every season for the past 16 years, but have not won a trophy since winning the FA Cup in 2005.
