If the mark of a top-class entrepreneur is that he does good business in a slump, marvel afresh at Arsène Wenger. See how much smarter he is than, say, Mike Ashley.

While Ashley rues a spectacular wealth-reduction scheme at Newcastle United, the Arsenal manager demonstrates that football is for football men. Rising above the depression in the property market that has interrupted his club's exploitation of Highbury, he has sanctioned the departure of the two players least popular with the support, Emmanuel Adebayor and Emmanuel Eboué, and sold a replaceable centre half in Kolo Touré for about £46 million.

That would have been good business even if the forthcoming season did not include the African Cup of Nations, for which all three may be selected. It is likely to provide Wenger with funds for squad improvement when many feared there would be none.

He has already signed a central defender, Thomas Vermaelen, from Ajax, and could do with another, such as Brede Hangeland, of Fulham, who was the leading performer in his position in the Barclays Premier League last season despite the eye-catching displays of Nemanja Vidic for Manchester United.

Most of all, though, Wenger needs a holding midfield player. To part company with Gilberto Silva was one thing; then to lose Mathieu Flamini without finding a replacement was oddly negligent. Perhaps now Wenger can tempt Flamini back from AC Milan to resume a fine partnership with Cesc Fàbregas.

Once again he has proved the cleverest seller in the game. Not only did he sell Patrick Vieira as soon as the spring went out of that giant stride, and let Thierry Henry leave when the attack called for a new direction, but remember the profits on Nicolas Anelka, Marc Overmars and Emmanuel Petit? At least £30 million. Then there were Jérémie Aliadière, Alexander Hleb and the rest.

The problem, if there is one, can arise when Wenger buys. Especially centre halves. But surely he cannot miss the open goal that is Hangeland, heartbreaking though that would be for Fulham. The Norwegian, a giant who can play, would be worth every penny received from Manchester City for Touré.

As for City: can you work out their tactics? Having failed to land John Terry, they go for the complete opposite: a fast and versatile player with no leadership quality at all. Maybe Richard Dunne will lead them into the new era after all. Whatever happens, I'd be careful about backing them to overtake Arsenal if Wenger finally ties last season's loose ends.