Steve Howey feels Steve Bruce will have to be frugal in the transfer market due to Newcastle United potentially having a budget of just £15million.
The Magpies’s arbitration case is set to go ahead later this month, although the Premier League have failed to give the club a date.
Should the proposed takeover by the Public Investment Fund be pushed through, having initially been rejected by the Premier League last year, Newcastle would become the country’s richest club with assets worth a reported £320billion.
Will Newcastle sign Joe Willock on loan?
However, with the case yet to be heard, the Magpies remain under Mike Ashley’s ownership and Bruce does not have quite such extensive sums to play with ahead of the transfer window slamming shut at the end of next month.
While Newcastle were initially looking to secure Joe Willock’s services on a permanent basis following a fruitful temporary spell at the end of last season, the club have now entered talks with Arsenal over another potential loan deal.
Ex-Magpies defender Howey believes Bruce will have to be shrewd.
Speaking exclusively to Football FanCast, he said: “Apparently the budget is something like £12-15million. That doesn’t buy you one decent player. Whether it’s in instalments or other ways they can structure deals, I don’t know.
“Without a doubt, there has to be some dealings going on. Ultimately, whoever they get in, they need to do their due diligence on the player because Newcastle just can’t afford to take a punt.”