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.
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5. LB: Lewis Hall
Hall has this season established himself as one of the best left-backs in the Premier League. | Getty Images

6. CM: Sandro Tonali
It wasn’t the easiest of starts (obviously!) to life on Tyneside for Tonali, but the Italian has been a revelation since moving into the No.6 role in December. | Getty Images

7. CM: Bruno Guimaraes
Newcastle United is in his blood. He is proud to be club's captain and has set his sights on achieving many more things in black and white. | AFP via Getty Images

8. CM: Joelinton
Every midfield needs a Joelinton, right? A midfield destroyer Howe has described him as in a nod to his physical qualities. | Getty Images