The Arsenal Supporters Alliance has called for owner Stan Kroenke to take 'urgent' action to arrest the club's current slide - claiming it feels 'rudderless'.
The same group started the "We Care. Do You?" campaign back in July - and have believed it is essential to take a tough stance after another awful Arsenal performance on Saturday against Southampton.
Arsenal are currently placed eighth in the Premier League, eight points adrift of a top-four Champions League qualifying spot.
"It feels like the club is rudderless and floating aimlessly, unsure of its destination," said a statement from the fan group.
The statement also said, "There exist many issues raised in our first statement that remain unaddressed by the club.
"While these matters have not gone away, it is the overall alarming and desperate state of things on and off the pitch that need urgent action and take precedence amongst our concerns.
"Until the club and especially the senior management structure is running efficiently, effectively and ambitiously, then few other issues can or will be satisfactorily resolved.
"The early optimism of summer, around what appeared to be good business and positive signings, has given way to renewed concerns about the club's overall direction and the leadership of the owner.
"It appears that reported unrest in the dressing room is affecting performances on the pitch and the board's clearly stated target of a top four finish at season end looks in serious danger with barely a third of the season played."
The collective of fans say they have received more than 120,000 signatures backing their stance. Kroenke first invested in Arsenal in 2007 and became majority shareholder in 2011.
The Gunners have not won the league since 2004 and their most recent successes came with FA Cup wins in 2014, 2015 and 2017.