Since the Saudi Arabian-led takeover in October 2021, you could be forgiven for expecting Newcastle United to be among the world's biggest spenders in every transfer window.
The reality, however, has been quite different.
Under the Premier League's Profit and Sustainability Rules (PSR) - formerly Financial Fair Play (FFP) - clubs are only allowed to make losses of £105m over a rolling three-year period and must spend what they earn beyond that.
With Newcastle's growth on the pitch far exceeding that off it, there was always going to come a point where these financial restrictions would curb the club's desire to spend.