By the time the 2025 summer transfer window opens for business, it will have been 658 days since Eddie Howe's Newcastle United starting XI was strengthened with a new addition. That was Lewis Hall, on August 22nd 2023, and ever since the Magpies have been unable to match the mammoth spending of the early takeover days.

In the three trading periods that have passed since Hall joined fellow summer arrivals Harvey Barnes, Tino Livramento and Sandro Tonali on Tyneside, initially on loan, Newcastle have been balancing the books with emotional exits and a lack of spending themselves. Lloyd Kelly, Odysseas Vlachodimos and William Osula all signed before the current campaign but one has already departed, one has since played 45 minutes of competitive football and one is very much a backup option at present.

Saturday's defeat at home to Fulham was a firm reminder of those quiet windows. Despite transformational spending since 2021, the Magpies are looking a tad short - and are crying out for a fresh face or two - but remain hamstrung by spending from yesteryear.

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Even the surprise exit of Kelly, days after Miguel Almiron's departure, has not turned the dial and unlocked late January spending. Instead, those profits will be banked and held back until the club's financial situation looks brighter this summer.

Come the end of June the £73m loss from United's 2021/22 accounts will drop off the club's rolling three-year PSR cycle, leaving them with the £73m loss in 2022/23 and potentially a narrow profit, once allowable deductions are taken into consideration, from 2023/24 balance sheet. Almiron and Kelly's fees will sit on the 2024/25 accounts, providing even further financial headroom for the decision makers inside St James' Park.

Howe's goal is to keep his best and brightest talent at the club and the lack of spending this month should mean no enforced, unpopular exits in June for the likes of Bruno Guimaraes, Alexander Isak or Anthony Gordon. The only potential sticking point to that plan revolves around Newcastle really needing European football to fend off any big-name suitors.

Howe - and the club - know this and will be keeping their fingers crossed that the club get a slither of injury luck between now and the end of the campaign as they push on for a return to Europe's top table. The north east outfit are firmly in the hunt for a top four finish heading into the business end of the season and have a starting XI capable of matching anyone, on their day.

The returns of Callum Wilson and Harvey Barnes from the treatment table will prove huge - given their quality and due to the fact Howe's attacking options look a tad thin on the ground. Elsewhere, there will need to be solid periods of form from the likes of Lewis Miley, Joe Willock and William Osula when the trio get their chances from the sidelines.

“We have to work together to make the right decisions, for the here and now and the future. We will try to do that together and that’s the best way, with teamwork and consultation," Howe told reporters earlier this month. “But I will make this clear - no-one wants to lose any players from our current squad, especially in positions where we are a little bit fragile.

“Why would we want to leave ourselves in that position? But when you’re armed with all the facts, sometimes you have to take that short-term pain.”

Kelly's exit is arguably the short-term pain Howe talks of. It is a shrewd piece of business, financially, but weakens United's dressing room at a crucial time. It is the perfect example of the 'business logic' trumping 'football logic' as the Newcastle boss explained in recent weeks.

The goal on Tyneside remains to enjoy a summer of few financial worries and more freedom to spend. Patience is required between now and the next trading period as Newcastle bid to make such a lengthy wait for game-changing signings worth it.