The problem with this is that the board have no football know how to be able to judge what should be financially acceptable for a particular player. So for example how would they have known not to give Habib Beye such a long lucrative contract, but have known to get say Ashley Young tied down to a longer contract. And when the manger proposes N'Zogbia as a replacement for Ashley Young - the board's first instinct will be get him tied down to as long a contract as possible - because the guy in charge of the football side of things reckons they should.
But if the board has an advisor say, for talk's sake Houllier - how can they be sure what their advisor says is going to tally up with what Lambert is recommending. Would Houllier have 'sanctioned' the Lowton deal for example? The board is in a tough position either way. Arsenal and Wenger seem to be in a good position as Wenger has clearly bought into maintaining the club's financial position at all times, even as they're losing their best players. In return they trust him to buy whoever he wants, and negotiate contracts.