Newcastle United have defended their lack of spending in the transfer window and say claims money has been taken out of the club are "wholly untrue".
Fans were critical that midfielder Joe Willock was the only major signing, at a cost of over £20m, while other Premier League clubs spent more.
But in a long statement, the club said Covid-19 had affected its finances.
It also said it is run in a "sustainable manner" but not "at the expense of being ambitious".
Claiming it had a net spend of £120m on players since the summer of 2019 - £160m spent and £40m in sales - it added that Newcastle are "built on the core principle that we will spend what we have".