Richard Masters has admitted 'not everyone agrees' that the current PSR rules are 'the right ones'.

The existing regulations, which limit losses to £105m over a rolling three-year period, have been in place since 2013 but clubs are now trialing squad cost rules and top to bottom anchoring in shadow. Squad cost rules will regulate on-pitch spend to a proportion of a club's revenue and net profit/loss on player sales - this is 70% for clubs competing in UEFA competitions and 85% for those outside of Europe - while top to bottom anchoring is a league-level anchor linked to football costs based on a multiple of the forecast lowest central distribution for that season.

Newcastle United, nonetheless, remain restricted and football finance expert Kieran Maguire has long argued that PSR rules have hit upwardly mobile clubs like the Magpies 'hardest' because of the huge revenue gap these sides have to bridge on the established order. However, speaking more generally, Masters is adamant the rules have served their purpose in making it 'quite hard to drive a Premier League club off a cliff'.

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"I believe they have had a positive impact," the top-flight's chief executive told Sky Sports. "Not everyone agrees with me that the rules are the right ones at the moment: 'They should be liberated, they should be tightened.' There is a difference of opinion so my job is to align at least 14 clubs, hopefully 20, on what the right answers to these questions are going forward."

Newcastle narrowly avoided a PSR breach back in June, following the 11th-hour sales of Elliot Anderson and Yankuba Minteh, and various senior figures at the club have repeatedly stressed that they do not want to find themselves in that situation again. Newcastle, as a result, are wary of making a move this month that could have a knock-on effect on what the black-and-whites can do in future windows.

Newcastle are not alone in that stance. The points deductions previously dished out to Nottingham Forest and Everton have long focused minds in boardrooms up and down the country.

"Our job is to make clubs successful and part of that, actually, is enforcing the rules," Masters added. "They all agree that we have to have rules. They all sign up to the rule book and shake hands on it once a year at our AGM and the centre of our job is to enforce the rules.

"Unfortunately, there's no happy alternative to it. The alternative seems to be not to have a rule book at all and not enforce them, and that is a far worse choice and not one we have ever contemplated. It does bring difficulties, but those difficulties have to be faced up to."