A shock 1-0 loss at home to Blackburn on Saturday saw the Gunners eliminated from the FA Cup, before a 3-1 first-leg defeat to Bayern Munich left the club with a tough task to progress behind the last-16 stage of the Champions League, their trophy drought odds-on to extend to eight years.
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"Watching Arsene Wenger in that press conference hurt me," the former Gunners striker said on his Absolute Radio Rock 'N' Roll Football Podcast.
"It made me feel very, very sad because as much as I don't think he would ever admit it, everything that is happening right now is ultimately down to him. Yes, he sends the players out to do the business, but you have to say he is to blame.
"We're all still very much in the dark about the money situation at the club, whether he has money and doesn't want to spend it or he's a company man and he's protecting the board. Whatever it is I think we should have found out a long time ago because all of the mystery just adds to this unnecessary pressure on Wenger's shoulders."
Thomas Muller was among the Bayern scorers on Tuesday, capitalising on hesitation in the Arsenal penalty area to power into the roof of the net from three yards, before Bacary Sagna failed to deal with the Mario Mandzukic's bundled finish which ensured a two-goal lead for the Germans to take into the home leg on March 13.
And Wright vented his frustration at the defending on show, lamenting: "I just think that you have to be totally honest and realise that, at this stage, it just seems Arsenal are not quite good enough.
"I didn't think Bayern Munich did too much to win 3-1 and, when you analyse the goals, it's disappointing. The first goal was a great finish but, when you look at the second and third goals, you have to say that it was poor defending."