Newcastle latest news: Magpies' eight-figure January transfer budget revealed

Yasir Al-Rumayyan and Amanda Staveley are among Newcastle United's new owners

Newcastle United will have a transfer budget of up to £50million when the transfer window reopens in January, according to The Athletic journalist Chris Waugh.

What's the latest news involving Newcastle?

Mike Ashley's 14-year reign as Newcastle's owner came to an end earlier this month after the Tyneside club was taken over in a £305million deal.

The Magpies are now run by the Public Investment Fund, with PCP Capital Partners and RB Sports & Media also having stakes.

The injection of cash has led to a host of transfer rumours, with Burnley central defender James Tarkowski reportedly expected to be one of the new regime's first arrivals.

Manchester United quartet Anthony Martial, Jesse Lingard, Donny van de Beek and Eric Bailly have also been linked with potential moves to St James' Park.

German newspaper Bild, via the Sun, have suggested Chelsea striker Timo Werner is on the club's radar.

There could also be a change on the managerial front, with Steve Bruce conceding his future as the club's head coach is out of his hands following the 3-2 defeat to Tottenham Hotspur yesterday.

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What has Chris Waugh said about Newcastle's budget?

While a host of big names are constantly being linked with a move to Newcastle as a result of the takeover, Waugh insists the Magpies will not spend hundreds of millions in January.

The journalist has claimed the Tyneside club's boss, whether that is Bruce or someone else at the turn of the year, will be given a sizeable budget.

However, the new owners are unwilling to break the bank at the first opportunity.

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Waugh told GIVEMESPORT: "I don't think Newcastle, in January, are going to spend absolutely tons of money.

"The suggestion to me, at the minute, is they will maybe have £40million or £50million to spend on a few players."

How have Newcastle performed this season?

Ashley has walked away from St James' Park with Newcastle in the midst of a relegation battle as newly-promoted Norwich City are the only side with a worse record after the first eight matches of the Premier League season.

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The Magpies are still seeking their first win of the campaign and were knocked out of the Carabao Cup at the first attempt as they suffered a penalty shoot-out defeat to top flight rivals Burnley in August.

Newcastle's struggles come after previous owner Ashley only allowed Bruce to make one senior signing during the summer transfer window as Joe Willock arrived from Arsenal in a deal worth in excess of £20million.

Read More - January Transfer Window 2022: When does it open, when does it close and which players are going to move?

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