Eddie Howe insists Newcastle will be affected by Financial Fair Play rules for “a number of years” as Leeds director Victor Orta says Jack Harrison will “definitely not” move to the Magpies.
Mike Ashley sold the club to Saudi Arabia’s Public Investment Fund last October.
Newcastle were without a win in the Premier League before the takeover. Replacing Steve Bruce in the dugout was one of the first things the new owners did, bringing in Eddie Howe.
After a poor first half to the season, Howe was backed in the transfer market, spending £91million on five new players.
They stayed up comfortably in the end and have brought in Sven Botman, Matt Targett and Nick Pope this summer, spending around £58m in total.
Howe has other players on his shortlist but is struggling to secure any more signings due to financial restrictions.
Newcastle have been linked with Leeds winger Harrison and reportedly had a bid turned down by the Yorkshire club.
With the Geordies contemplating whether or not to make another bid, Orta has issued a hands-off warning.
When asked if Harrison could leave the club to sign for Newcastle, Orta told The Athletic: “Absolutely not. There is no way. Jack stays here.”
With the hunt for attacking reinforcements continuing, Howe told reporters ahead of his side’s Premier League opener against Nottingham Forest: “Financial Fair Play will impact us, will continue to impact us, I think, for a number of years.
“We haven’t got the free rein, the free hand that maybe has been perceived in the media, that we can go and sign whoever we want and pay extortionate fees and wages.
“We’re not in that position and I don’t think we will be for some period of time. We’re having to be creative and smart and try to make the right additions with the financial restraints that we have.”
Howe has not yet given up hope of adding to his resources and had indicated that he could yet use the loan market – as he did successfully with Targett during the second half of last season – to plug the gaps in his squad.
He said: “We’re working hard to try and add to the group. We are active in the market, and we’ll wait and see if we can add players before the window shuts.”
Howe, who has only midfielder Jonjo Shelvey out of action, is keen to manage expectations, but is happy for supporters to share his longer-term dreams.
He said: “That’s my dream, to win silverware, to win cup competitions, to achieve great things for the football club. I have to dream big on behalf of the club.
“That’s not saying we’re going to do it – that’s my dream and then we’ve got to work hard to try to achieve that. Every day, I’m pushing the staff, the players to try to make that dream a reality.”
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