Looking at Arsenal's last set of accounts, they seem to be financially a lot more healthy than a lot of clubs. They have £100m in the bank and their short terms assets outweigh their short term liabilities (for comparison Liverpool had £37m in the bank and -£150m in terms of short term obligations i.e. debtors - creditors). Even at that, Arsenal are paying out up to a couple of million a week in player wages.
Personally, I'm a bit disgusted at football players at the moment. They seem to want to draw a full wage when their employers aren't taking in any money. For me, given what they earn, it's obscene bordering on immoral. I know people will say "Well football clubs are owned by billionaires so let them pick up the bill" but I don't think that argument holds water and it'll be the clubs that suffer in the long run as I don't see the owners dipping into their own fortunes to fund this. I really thought the players would step up but they haven't (the sketchy NHS announcement notwithstanding) and the fact Ozil seems to be one of those holding out says enough for me.