The Magpies were on the brink of breaching PSR last June before reluctantly sanctioning the sales of Elliot Anderson and Yankuba Minteh to Nottingham Forest and Brighton & Hove Albion. Despite complying with the rules, there has been little wiggle room to fund new signings.
Eddie Howe’s squad has gone three consecutive transfer windows without welcoming a major signing and the group was further weakened in January when Miguel Almiron re-joined Atlanta United for a reported £12million, while Juventus will pay £20m to sign Lloyd Kelly permanently following his half-season loan spell.
Because of PSR, United have been forced to make business decisions rather than football decisions.
But it appears light is at the end of the tunnel. Additionally, the spending in the 2022 summer transfer window, where Newcastle forked out around £130m on recruiting the likes of Nick Pope, Sven Botman and Alexander Isak, will drop off the three-year PSR cycle.
Newcastle are keen to keep their financial position private in fear of being quoted inflated fees for potential targets. But Howe, for the first time last week, has hinted at transfer activity this summer.
Speaking before the 3-0 win at Leicester City, Howe said: "I think we're in a better position regarding PSR and that's the key thing. We knew from the outset that last summer was going to be very difficult - and it turned out to be that way. Hopefully this summer has a totally different view."
So, just for a bit of fun, we look at how Newcastle could line-up for the 2025-26 campaign - based on the players they’ve been linked with signing.
1. GK: James Trafford
Newcastle are weighing up another move for Trafford but negotiations are likely to be more difficult after the goalkeeper played a major role in Burnley's promotion back to the Premier League. | Getty Images
2. RB: Tino Livramento
The 22-year-old has starred at left-back of late in Lewis Hall's absence but it is at right-back where Newcastle see his long-term future. | AFP via Getty Images
3. CB: Marc Guehi
Palace played hardball last summer but they're in a weaker position now with Guehi out of contract next year. He remains a top target. | Getty Images
4. CB: Sven Botman
After a frustrating two seasons with various knee issues, the Dutchman will hope his injury troubles are behind him. | Getty Images