But Waugh has claimed that they still have some funds left in reserve.
Writing on a blog for The Athletic, he said: “The club insisted there was around £60 million available, plus the money recouped from player sales, and therefore there should be around £20 million to £30 million left in the kitty.
“The highest of those figures was a full-season kitty, though, and so the remainder of that money should in theory be available to Bruce in January.”
The thing with Newcastle United is that just because they have money, doesn’t mean they have any intention of spending it. Mike Ashley is infamously renowned for his stingy ways, and the fact of the matter is that if the controversial businessman doesn’t want to splash the cash, he won’t. The way that Ashley’s approach to running the club works, you can bet that if the Toon Army are home and hosed come January, he won’t bother putting his hand in his pocket to help them climb further up the table. He could end up getting the chequebook out if the Magpies are looking vulnerable, like he did to sign Miguel Almiron last January, but honestly, is that enough to keep Toon fans happy? The answer is clearly no, and it is exactly that kind of short-term thinking and unwillingness to expand that has made the Sports Direct tycoon one of the most unpopular owners in the English game.