The north Londoners haven’t qualified for Europe’s premier club competition for the last two seasons.
New Arsenal chief Unai Emery has been brought in to bring the guide the club back to the Champions League and is seemingly on course to do so.
The financial implications of failing to qualify for the tournament three years on the spin would be severe for most clubs chasing Premier League and European glory.
But Venkatesham insists it wouldn’t be a problem for the Gunners, who he claims are in such good financial shape that they can miss out on the Champions League for a few more years and still make regular additions to the squad.
“We do have a self-sustaining business model so the more years you spend out of the Champions League, the bigger strain it puts on the business model,” he said.
“There’s not a final point we get to where it becomes a catastrophic problem and we are nowhere near that.
“We run the business in a responsible way – we know there are at least six teams who have a minimum requirement of being in the Champions League.
“So we have that robustness built into our business model that we can have some seasons in the Europa League and still make the investments we need.”
Although Venkatesham is adamant Arsenal can survive not playing Champions League football for the foreseeable future, he admits the club are missing out on millions of pounds of revenue being in the Europa League.
“It is not going to be easy but I absolutely, 100 per cent believe Arsenal Football Club can get back to where it needs to get,” said Venkatesham.
“The first step we need to do is get back into the Champions League and then we need to start competing and then we need to start winning the biggest trophies in the game.
“We need to be realistic, last season we finished sixth and we had our second season in a row in the Europa League – that is not where we want this football club to be.
“I think it has an impact across the club – it is a material impact, financially, being in the Europa League and not the Champions League.
“It is hard to put a number on it because it depends how well you do in the Europa League and how well you do in the Champions League and it depends on how many English clubs are in both.
“But it is tens of millions of pounds, it is a material impact being in the Europa League – so that is the financial bit of it.”
Arsenal return to action on Sunday afternoon when they travel to the Vitality Stadium to take on Bournemouth.