Arsenal chief Ivan Gazidis insists manager Arsene Wenger had the final say on the £40million sales of Emmanuel Adebayor and Kolo Toure to Manchester City - a side threatening Arsenal's place in the top four.

The chief executive told the Sunday Express: "We felt quietly confident through the close season that we had a good team. I believe a lot of people treated the way last season ended as a disaster and forgot the good things, but actually an extremely young team made it to the Champions League semi-finals, which is not easy to do.

"We operate a self-sustaining philosophy, so we spend what we earn. We don't pay dividends - we reinvest it all. We think we do that prudently, strategically and responsibly, and we will continue to.

"We can invest in the transfer market if that is what Arsene wants to do. Any player moving in or out is Arsene's decision."