Newcastle fans rally outside the stadium as new owner confirmed
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Newcastle United are set to enjoy a transfer kitty of up to £150million over the next 12 months which could create some surreal and exciting rumours when January rolls around. Mike Ashley’s frugal spending during his tenure as owner means the new Saudi-led consortium are essentially free to splash the cash and revamp the Magpies’ side.
The long-awaited takeover has prompted jubilant scenes outside St James’ Park, both to celebrate the new owners coming in and the one heading out.
Mike Ashley became a hugely unpopular figure on Tyneside since taking the reins in 2007, openly admitting that he did not have the funds to compete at the top of the Premier League.
Even so, Newcastle’s transfer outlay was noticeably low for a number of years before they cranked it up slightly in recent windows.
Ultimately, the past few seasons have been spent hovering near the bottom of the Premier League or on unfamiliar forays into the Championship.
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In fact, the Magpies only managed to finish higher than 10th on one occasion during his 12 seasons as owner.
That could all be set to change, with an embarrassment of riches now at their disposal which dwarfs even Manchester City or Chelsea.
The one remaining concern which may have been in the minds of fans is how much of that money can be spent, and how quickly given the Financial Fair Play regulations in place.
According to The Guardian, the club could ‘realistically’ spend more than £150m over the next year on brand new talent.
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Ironically enough, Toon fans can thank Ashley himself in that regard as his frugal spending left the club in profit over the past couple of years.
The signing of Michael Owen, which happened before Ashley even took ownership of Newcastle, stood as their record signing until the club shelled out for Miguel Almiron 14 years later.
That kind of frugality left the Magpies with a £35m profit between 2018 and 2020, something which hugely frustrated fans at the time, but will now allow them to take the shackles off.
Ambitious targets which came and went this summer such as Conor Gallagher will now be attainable realities, and who knows what else they can achieve in the transfer market.
An important remaining question is who will be at the helm to spend that money, with Steve Bruce’s job hanging in the balance after making a poor start to the season.
Has he shown enough to be trusted with millions upon millions of pounds to bring in more of his own players? Only time will tell.
One thing is for sure, however, Newcastle fans are already counting the days until January when the fun can really begin.
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