Financial rules keep teams like Newcastle quiet in January window

MANCHESTER, England : Newcastle United have been quiet in the January transfer window despite their desire to sign a midfielder, but having to sell to buy amid tighter financial regulations and trepidation over the threat of points deductions has limited activity for most teams.

England's top clubs splashed out 815 million pounds ($1.03 billion) on players in January last year - almost double the amount in the same month of 2022. This January clubs had laid out just over 50 million pounds by the eve of the deadline.

    "The war chest days are gone," Newcastle manager Eddie Howe said recently. "Every club is doing what we're doing. The summer may well be the same in the sense that it's a different way of doing transfer business now for football clubs."

The climate has changed because of the Premier League's clampdown via its Profitability and Sustainability Rules (PSR).

PSR was introduced in 2013 to level the playing field and prevent clubs with rich ownership groups, such as Newcastle, spending vast sums on players. It means clubs are permitted to lose a maximum of 105 million pounds over a three-year period.

    Newcastle, who have been decimated by injuries this season, could have used an infusion of talent before the window closes at 2300GMT on Thursday as they languish seventh in the Premier League after their fourth-place finish last season.

    The wealth of Newcastle's Saudi-backed Public Investment Fund owners puts the north-east club among the world's richest soccer outfits and they have spent big since the ownership change in 2021, leaving them near their PSR limit.

    "We don't want to breach FFP (Financial Fair Play)," said Howe. "That is where I will support the decisions that are made for the long term and that