Newcastle United head into the final day of the winter transfer window with no new signings, and two first-team squad members light. Miguel Almiron rejoined Atlanta United last week, with Lloyd Kelly set to follow up out of the exit door in a move to Juventus.

Eddie Howe has been clear throughout the window that the club would not be in a position to buy anyone, which begs the question over why they have allowed two players to leave an already thin squad. There are financial reasons at play, of course, but having made no significant purchases in January 2024 and last summer - bar the completion of Lewis Hall's permanent move from Chelsea - fans are starting to wonder when Newcastle WILL spend again.

So where do Almiron and Kelly's exits leave United? Why were they sold without any incoming deals? And what does it mean for the summer? Here, our writers give their verdict on Newcastle's transfer situation ahead of deadline day.

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Lee Ryder

There's no doubt Newcastle United need a freshen up before the window shuts but Eddie Howe's message has been consistent throughout the window. He has stated he can't bring a new player in and he's said that since the window opened before emphasising that point again on Friday then straight after the defeat to Fulham.

It's concerning that Newcastle could yet sell Lloyd Kelly to Juventus, following hot on the heels of Miguel Almiron's exit, and not replace either. One thing that stuck with me from Howe is that it is about the "quality" of the players available.

He was referring to loans, but he may also have that in his mind with permanent deals as well, given Newcastle can't really afford to sign anybody. The dilemma now seems to be a late change of heart in the boardroom.

That would entail going out and buying a player or two, and then worrying about offloading players before that crucial June 30 PSR health check deadline. Scarred by the Elliot Anderson and Yankuba Minteh sales, it feels like it's a risk Newcastle don't want to take. Another forward and defensive cover, assuming Kelly leaves, would be at the top of my list if the board change their mind.

Ciaran Kelly

When Newcastle United were last in the hunt for a Champions League place, the Magpies made a mid-season move for Anthony Gordon, but this feels like a very different situation compared to two years ago. The constant message back has been Newcastle are unable to recruit this month due to PSR constraints and it is hard to see that situation changing in the final throes of the window - even if Lloyd Kelly departs.

Senior figures at the club have repeatedly stated they do not want to find themselves in the position they were in back in June when Newcastle had to scramble to raise funds and it is clear that the black-and-whites have to become better, more strategic traders moving forward. However, Newcastle's already thin squad looks light, as a result, going into the final months of the season. That is indisputable.

Stuart Jamieson

Newcastle need to sell before they buy - but if there are no incoming transfers, then what is the point of selling Miguel Almiron and Lloyd Kelly? They are two different cases, of course, but it's worrying that the £25m made from their exits won't have an immediate impact on signings. For me, it underlines the alarming truth that at some stage, a big-name player will be sold if United are to make any serious headway with transfers. It feels an inescapable fact. The squad is not significantly weaker for their exits, though, so it's a case of trusting those in charge for now.