Eddie Howe has warned that Financial Fair Play will have an impact on Newcastle United for ‘a number of years’.
There was an expectation that the arrival of Saudi-backed owners would result in lavish investment in the playing squad.
But while £94million was spent in January on five new players and a further £55m this summer, the club are now operating within a restricted budget.
Indeed, a £40m offer for James Maddison this week - rejected by Leicester - is said to be the limit of their scope for the remainder of this window.