Newcastle 'can't afford' their top January transfer target in huge blow for Eddie Howe

Newcastle have been handed a huge blow as they cannot afford one of their top transfer targets.

Newcastle were taken over by the Saudi Public Investment Fund in 2021, meaning they are now one of the richest football clubs in the world.

Since then the Magpies have signed Alexander Isak for £63 million, Sandro Tonali for £55 million and Anthony Gordon for £40 million.

Last summer Eddie Howe was given around £130 million worth of new talent to play with, but it looks like he isn't going to get his prime target this month.

According to reports, Newcastle can't afford to sign Ederson from side Atalanta.

Howe is keen to bolster his midfielder, especially after Joelinton suffered a thigh injury that will likely keep him out for the rest of the season.

Fellow Brazilian Ederson has been on Newcastle's radar for a while, and has emerged as their top target after they cooled their interest in Manchester City flop Kalvin Phillips.

However, according to Football Insider, Newcastle cannot afford Atalanta's asking price of between £30 million - £40 million.

Despite their riches, Newcastle have had to slam the brakes on spending in order to avoid breaching Premier League profit and sustainability rules (PSR).

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PSR prohibit clubs from recording losses of more than £105 million over a three year period. Newcastle recorded a loss of £73.4 million for the year ending June 30, 2023, so will need to sell players for profit in order to keep investing in Howe's squad.

The likes of Miguel Almiron, Kieran Trippier and Callum Wilson have been linked with moves away from St James' Park this month, but as things stand all three will be staying put.

Newcastle will likely renew their pursuit of a new midfielder in the summer. However, with his side struggling in 10th place in the table, Howe could really do with a new recruit before then.