Gazidis met members of the Arsenal Supporters' Trust on Wednesday night where he was pressed on the deepening crisis at the club.
AST spokesman Tim Payton said: "He said it (the Bradford defeat) wasn't good enough and apologised for the result. He also thanked away fans for their support and said Arsenal will put that right, and confirmed that significant funds are available for transfers."
The AST have long supported the Gunners' prudent financial approach but believe the lack of spending has now gone too far, and that the Bradford result was a symbolic moment with the team having decreased in quality year after year since 2009.
The Trust wants changes at board level, for Wenger to release some of his duties to others, and for the manager to spend some of the many millions available to him.
Payton added: "This is the most difficult time in Arsene's 16 years and both the club and himself need to change direction quickly if his wonderful era is not to end on a sad note.
"The Arsenal Supporters' Trust cannot fathom why £70 million was left untouched this summer. Arsene needs to get over his distaste for spending and use the resources that after all are provided by the hard-pressed fans who watch the team.
"The AST believe a shake-up is needed. We would like to see new, younger blood added to the board, and they also need to exercise more control and direction over Arsene's football strategy.
"One man cannot direct all transfer targets, wages, coaching methods and manage the team at games. It's too much for one man."
Even if results do not pick up, Wenger's position should be safe at least until the end of the season but an increasing worry for club executives is that significant numbers of fans are not turning up to matches at the Emirates despite having bought tickets.
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