Newcastle United have been handed a sobering reminder of their financial reality despite sealing the historic £130 million sale of Alexander Isak to Liverpool in the summer.
Eddie Howe has made it clear that the record-breaking transfer has not fixed the club’s Profitability and Sustainability Rules situation, even though many supporters believed the cash injection would give Newcastle breathing room ahead of the January window.
The winter transfer market is now just weeks away, and the pressure is beginning to build on the club after a mixed start to the season. Newcastle entered the summer with ambition, splashing heavily on new additions after Isak’s departure.
They broke their own transfer spending record on Nick Woltemade at £65 million, while also committing large fees to Anthony Elanga and Yoane Wissa at £55 million each. Jacob Ramsey arrived for £39 million, Malick Thiaw cost £35 million, and Aaron Ramsdale was brought in on loan to strengthen the goalkeeping department.
Yet despite such a large investment, the actual impact on the pitch has been underwhelming. Thiaw has offered stability at the back and Woltemade’s six goals have at least provided some relief in the absence of a natural finisher, but the rest of the signings have hardly contributed.
Wissa has not played due to injury, Elanga has not produced a single goal or assist, and Ramsey and Ramsdale have barely featured. For a club that spent aggressively to support a Champions League campaign, the returns so far have been below expectations.
Isak’s departure continues to be felt deeply. Without him, Newcastle have struggled for goals, sitting 14th in the Premier League with just 13 goals in 12 matches.
Their domestic form has been inconsistent, especially away from home, and the lack of cutting edge in the final third has become a defining issue. Supporters have grown frustrated with how frequently the team looks flat without a recognised striker on the field.
In Europe, the picture has been slightly better. Newcastle have won three of their five Champions League matches, but their two defeats came in games where they did not start with a natural centre-forward, notably against Barcelona and Marseille.
These losses have served as reminders that even a strong tactical system cannot make up for the absence of a reliable goalscorer at the elite level.
With January approaching, there is growing debate among fans about whether the club should try to strengthen again. But history suggests that Newcastle rarely make big moves in winter.
Aside from the first January window after the takeover when Kieran Trippier, Bruno Guimaraes, Chris Wood, Dan Burn and Matt Targett arrived the club have made only one major winter signing since: Anthony Gordon for £45 million in 2023. The January window is usually a slow, difficult market, and Newcastle’s financial constraints only complicate matters further.
After the recent defeat to Marseille, captain Bruno Guimaraes was asked whether he believed new signings were needed in January. His response was cautious, emphasising that recruitment decisions were not his responsibility.
His main focus, he said, was improving Newcastle’s performances away from home. It was a diplomatic answer, but one that hinted at the uncertainty surrounding the club’s plans.
Eddie Howe struck a similar tone but went one step further by addressing the misconception that the sale of Isak had solved Newcastle’s PSR issues.
He explained that while the £130 million fee certainly helped, it did not eliminate the club’s long-term sustainability challenges. With substantial spending in the summer, Newcastle must still be careful in January and beyond.
Howe admitted he does not handle the financial details directly, but he made it clear that the club must continue navigating PSR cautiously in every transfer window.
The rules are strict, and the club cannot afford to breach them. The suggestion that selling a single player even one as valuable as Isak could suddenly free Newcastle from financial pressure was, in Howe’s words, “far from the case.”
The message is simple: Newcastle may want reinforcements, and supporters may expect movement, but the club must operate within tight boundaries.
Despite the excitement of the Champions League and the ambition of the ownership, building a squad sustainably is still the priority. For now, Newcastle must focus on improving with the players they already have, while accepting that the winter window may bring fewer solutions than some would hope.
