Eddie Howe says Newcastle United "have a very strict budget" this summer

Newcastle United head coach Eddie Howe has said that the Magpies are working to "a very strict budget" this summer despite securing a return to the Champions League for next season.

Howe led Newcastle to a fourth-place finish in the 2022-23 Premier League, meaning that the club will be present in the group stage of the 2023-24 European Cup.

The Magpies are one of the wealthiest clubs in world football due to their recent takeover, but the financial fair play regulations mean that they cannot spend huge amounts this summer.

Howe has conceded that the club are unlikely to be able to make more signings in the shape of Sandro Tonali, who has moved to St James' Park in a £55m deal from AC Milan.

"I don't think we'd necessarily be able to go for that calibre and to be honest, breaking down the price, that type of player in every transfer, there's no way we can do that. That's not necessarily the blueprint because we'll have to be clever with the remaining funds that we have," the Newcastle boss told reporters following his side's 3-2 win over Gateshead in Saturday's pre-season clash.

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Howe was also quizzed on Leicester City attacker Harvey Barnes, who continues to be heavily linked with a move to Newcastle during the summer market.

The 45-year-old said that the club are "working hard" to bring in the right players but was not prepared to discuss a potential move for Barnes.

"I can share that we want to bring players into the football club but they have to be the right ones and they have to be at the right level," he added.

"We're working hard to do that, we've been working hard all summer. It's difficult to get good players, as it is with any club, but we'll keep going... nothing is close (with any deal). I can't say anything (on Barnes). I would never be disrespectful (to Leicester).

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"We have a very strict budget that we're trying to work within. Always with financial fair play, there are certain things you can be creative on but we don't have a huge budget to work with.

"It (depth) is huge for us this year. With the competitions that we're in, having three games a week we need to be able to rotate the team but to be able to bring in players who are of equal standard.

"That's what we're looking to do but we know we have a lot of work to do to do that. Players are expensive these days. We're working within financial fair play guidelines which is very difficult for us. We might need to be creative, but we're trying to look at every avenue we can to make the club stronger.

"I'm a mixture of all things at different times. I'm patient and understand the parameters we're working in but I also know the needs we have. For me it's not a case of we want to do it, we need to do it. And being a coach I want them on the grass available now so all of those things together."

Newcastle will continue their preparations for the 2023-24 campaign with a friendly against Scottish giants Rangers on Tuesday.