Newcastle release statement defending transfer inactivity
Newcastle United have released a statement explaining their decision to sign just two players during the summer transfer window.
English midfielder Joe Willock arrived from Arsenal for £25million, following a successful loan spell towards the end of last season.
On deadline day, the Magpies brought in Mexican teenager Santiago Munoz on an initial loan. They have the option to make his transfer permanent in January 2023, should he impress.
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Newcastle were linked with a number of players before Tuesday’s deadline, including Hamza Choudhury of Leicester City.
The two clubs were engaged in talks over a temporary spell on the final day of the window. It ultimately collapsed, leaving manager Steve Bruce disappointed.
Reports in Spain have suggested they were also interested in Valencia defender Mouctar Diakhaby. However, they did not agree to meet his £8.6m asking price and the 24-year-old remained in La Liga.
The club statement read: “Our commitment to being run in a sustainable manner, which secures the financial viability of the club, is a longstanding one. This does not come at the expense of being ambitious, and it is built on the core principle that we will spend what we have.
“The cash generated each year through matchday and non-matchday activities, plus any transfer fees received from player sales, determines how much is available to spend. This relates not only to first team playing squad expenditure, but to all other areas of the club. In simple terms, there is one pot of money and spending in one area reduces the amount available for others.
“In a ‘normal’ year, our operating model would generate sufficient funds to enable us to make one or two quality first team additions, as well as investing in other areas. This approach takes time and requires careful management and long-term planning, ensuring that we spend the money we generate wisely to benefit the club.
“The last two years have been challenging, with Covid-19 having a considerable impact on the club’s finances and therefore the amount of cash we have available to spend. Internally, all parties have long been aware of the budgetary parameters under which we are operating.
“Ahead of the summer transfer window and having made a significant impact after arriving on loan in January 2021, Joe Willock was identified as the club’s primary target.
“Once it was confirmed that the player would be available on a permanent deal, a collaborative decision was taken to pursue this option. All parties were aware as to the implications for further squad consolidation, with the collective view being that securing Joe Willock was the right priority. There was a shared understanding that further additions to the playing squad would be heavily influenced by player trading, both in terms of available funds and space in the squad.
“The deal to bring Joe Willock to the club was formally completed on Friday 13th August 2021 and we are beyond delighted to have secured him.
“Our preference to pay transfer fees up front, rather than spreading payments over several years, is well documented. We believe this approach to be in the club’s long-term interests, giving the club far greater certainty and control over its spending in future windows and seasons.
“In negotiating/securing this deal post Covid-19, we acknowledged the need to make an exception and, on this occasion, have spread the transfer fee over instalments. We did so this summer to secure a player who we know makes us stronger and who our head coach was unequivocal in his desire to sign.”