Newcastle United did not invest during the January transfer window, despite Eddie Howe needing reinforcements.
The window started with Newcastle United needing a centre-back and a winger. Incredibly, the window ended with Eddie Howe losing a centre-back and a winger.
Newcastle sold Miguel Almiron, with the 30-year-old returning to the MLS for around £11million. It was the right time to move him on, despite it leaving the Magpies short out wide.
Then Newcastle loaned out Lloyd Kelly, as the defender headed to Juventus for the rest of the season. The deal will then become permanent in the summer, with Juventus obliged to pay £20million for the 26-year-old.
Newcastle United’s summer transfer budget played down

Those deals will enhance Newcastle’s PSR position, and give them greater capacity to spend when the summer transfer window arrives.
However, there still will not be an endless pot of money for Paul Mitchell and Eddie Howe to play with.
According to the Athletic, some Newcastle insiders have stressed that the club will not necessarily simply have ‘limitless funds’ to strengthen their squad in the summer.
What Newcastle United need to do in the summer
It is understandable that Newcastle United will want to temper expectations. While their PSR position has been enhanced, they merely sold a couple of squad players for decent money. They have not cashed in and received mega money for a superstar like Bruno Guimaraes or Alexander Isak.
But what Newcastle have done is prepare themselves to spend. If these deals had not been done, there would no doubt have been pressure to sell before buying. That has been done now, and Toon officials can focus on the incoming business they are going to do.
There is a lot of time between now and the summer transfer window. When the summer arrives, it is unclear what Newcastle United will be planning for. In a perfect world, they will be enhancing a squad that is returning to the Champions League.
No matter where the Magpies finish the season, there are clear positions that need to be strengthened. Newcastle have three transfer priorities, with Paul Mitchell set to target a centre-back, winger and forward.
The quality of those additions may depend on what happens over the next few months, but those positions will be targeted regardless.
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