Ashley and his cronies came up with and stuck to the transfer policy. And while Ashley wasn't scouting the players, he absolutely was directing the purchases and sales. Hence not spending a little bit more to get Modric, or Aubameyang, or Gameiro, and stockpiling cheap attacking midfielders because that's where the margins are biggest. Carr returned with lists of players, and inevitably the manager of the time was lumbered with whomever was cheapest. Like Riviere and not Lacazette.
If you can't see that, it's pointless chatting.
btw, I'm expecting hoots of derision because of the names I've mentioned, but as always these players were on our RADAR before they were famous but Ashley either pulled out of the deal, or never pursued it because of the price.
This is the problem though, most clubs buy players to improve their lot on the pitch, but should some bigger club come sniffing around, they accept they have to sell.
Ashley's strategy was to buy players <26yrs old, from cheaper markets, in the hope that bigger clubs would come sniffing around. Regardless of the needs on the pitch. It's really that simple.
You asked when Ashley had sold a player and not replaced him?