The Spanish midfielder says that Toffees' chairman Bill Kenwright did not want to sell but felt he had to in order to manage the Merseyside club's precarious financial position
The Spaniard was a key player for the Toffees, and he believes the club's perilous financial condition meant they could not refuse Arsenal's last-minute offer for his services on deadline day.
Arteta insists that chairman Bill Kenwright was looking to safeguard the future of the club even though he did not want to sell the popular midfielder.
He told Sky Sports News: "I know the chairman, he didn't want to sell anyone, he was devastated for me to leave, but I think they had to [let me go]. They don't want a situation in two years' time where the club is in bits. I know he is trying to get the club in the best position it can.
"I don't want them [the fans] to blame the chairman or the manager, it was the best option for everyone for the situation they are in at the moment.
"They've got an unbelievable dressing room, a great manager, they always find some way to get up the table. I'm sure he can do the same again.
"I have given everything for Everton, I have always tried my best and I made my decision [in] the best [interests] of the club. I'd like to thank the fans for their support."
The former Rangers man said he was now looking forward to the new challenge of Champions League football but did not comment on comparisons to Cesc Fabregas, the man he is charged with replacing in the Gunners' midfield.
He added: "I thought it was the right moment for me. I want to play Champions League football, the club were in a situation to sell me, it's a good for everyone. I thought it was time to move on and I haven't left for any more money.
"I know Arsenal's philosophy, their passing style, and it's the type I like to play.
"I'm going there to help the team, to make things better, Fabregas has been one of the best players in the league, I just want to start showing my ability."
As for his international hopes with Spain, for whom he has never been capped at senior level, Arteta was coy, stating that he needed to concentrate on domestic duties first and foremost.
"I've been really close," he continued.
"It's always a dream to play for them. I just want to do my job first and hope they will come along."