Eddie Howe warns Financial Fair Play rules will limit Newcastle’s ability to spend big for the foreseeable future as the club have just £40m to spend this summer as they chase James Maddison
- Newcastle were expected to spend a lot of money this summer with their new owners
- They have spent £55m but are now working on a tight budget
- The £40m bid for James Maddison this week would be their limit
Eddie Howe has warned 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 a generous investment in the squad.
But while £94 million was spent on five new players in January and a further £55 million this summer, the club are now operating on a tight budget.
Eddie Howe has warned FFP will have an impact on Newcastle for ‘a number of years’
Indeed, a £40m bid for James Maddison this week – turned down by Leicester – would be the limit of their scope for the rest of this window.
How had said in May that the funds would be limited because of FFP and emphasized the need for “evolution, not revolution.”
And when asked on the eve of the new season what this summer’s business told us about the club’s current financial position, Howe said: “Hopefully it tells you that what I tried to tell you at the end of last season, the truth.
“Financial Fair Play affects us and I believe will continue to affect us for a number of years to come. We don’t have the free hand, the free hand, which may have been perceived in the media, that we can sign whoever we want and pay outrageous fees and wages.
The £40m bid for James Maddison this week – turned down by Leicester – would be their limit
“We’re not in that position and I don’t think we will be for a while. We have to be creative and smart and try to make the right additions within the financial constraints we have.’
Newcastle’s pursuit of Maddison has now cooled, while another target, Burnley’s Maxwel Cornet, is set for West Ham.
Howe said, “Nothing has progressed further. The situation has remained the same since we put our last signature. We are working hard to try and add to the group. We are active in the market and are waiting to see if we can add players before the window closes.”
He added: “There is no frustration of mine directed at the club, it is the circumstances around it where we have missed a few players because they wanted to go elsewhere. That’s the delicate thing. There is a whole host of things that need to fall for you. It’s something that’s always moving, it’s always changing. I am confident that we can do what it takes to make the team as strong as possible.”