Newcastle United started the January transfer window by nudging the spotlight gently on to the summer trading period - then ended it without offering any major assurances that money will be readily available for Eddie Howe next season.

That is the expectation from some observers, but even if Newcastle can spend around £80million next summer, in a market where Alexander Isak is valued at £150m, how many players do you get for that? One? Two? Three?

Others around the club say that it might take another three years and the continuation of revenues rising in order to really splash out. The PSR rules might change too but Howe has stopped short when committing to questions on future spending.

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When asked directly whether Newcastle's second barren winter window in a row means that Howe will get a war chest next pre-season, the head coach did not exactly set pulses racing and said: "That's a question for another day."

Or does that suggest Howe is also getting ready to ask the same question after two flat January windows and relatively low key summer trading period in summer 2024? Howe has faced the media four times a week since Christmas and has managed expectations in terms of recruitment plans.

At times, he has been pulled into discussions such as the squad going "stale" or the more negative narratives that come with two January windows without purchasing a player. The aim at the start of the window was undoubtedly to hold on to Alexander Isak with questions on his sale and multiple links with Arsenal starting well before the festive period.

Retaining Isak's services have been an achievement but Newcastle were never going to allow him to go unless an astronomical fee landed on the table. None of the other big names in the squad, such as Anthony Gordon or Bruno Guimaraes were linked with moves from St James' Park.

And the one battle Howe did end up in with his board was on Martin Dubravka. At one stage, Dubravka was in tears as he left the field after the 2-0 win over Arsenal in he Carabao Cup first leg. A move to Al-Shabab was on the cards and lined up at the start of January but Howe knew he needed the stopper with Nick Pope injured and Newcastle not confident enough to go with Greek international Odysseas Vlachodimos. Even at 36, Dubravka was deemed the better alternative and the questions on exactly why Newcastle signed Vlachodimos continue.

But that is another argument, Howe knew when he agreed to sanction a deal for Miguel Almiron's exit that the winger would not be replaced. The head coach held on as long as he could and when pressed on whether playing him and "risking" the sale was a good idea he responded: "Everything is a risk."

After Almiron's exit, Howe found himself fighting to hold on to Lloyd Kelly after Juventus placed a bid late in the window. The former Bournemouth man went from "integral" to gone in the space of days.

Howe had made his stance clear on Kelly when saying on January 24: "Lloyd's an integral part of what we're doing from my perspective. His challenge is to try and work his way into the team. He's only just arrived, so I think he's got a lot to achieve here. So, it's a very different situation."

Only last year, CEO Darren Eales had been sent out to face the media over a Zoom call to warn not to expect any incoming business. This year that didn't happen and it was Howe who was left to face the music.

With Kelly's exit gathering pace and Almiron sold, Howe was asked if defeat to Fulham and the winter departures meant that there would be a change in heart regarding transfers, but said: "No, nothing we can do. The window will be what it is. Certainly the results won’t change that."

Losing Kelly with very little defensive cover seems like another huge gamble. Not spending last January did not pay off for Newcastle as they missed out on Europe by a narrow margin.

They have had one hand on the prize in recent weeks but have allowed to let it slip while others around them have used the window strengthen. If the scenario was to buy now and spend the next few months preparing outgoing transfers before the June 30 PSR health check deadline, surely with Champions League football on the line, it was worth it?

It remains to be seen whether Eales, sporting director Paul Mitchell or anybody from the boardroom comes out to explain why Newcastle didn't buy. Howe will be immediately thrust back into the spotlight Tuesday morning as he previews the Arsenal game.

Even though the window bolted shut the threat of losing Trippier hangs dangerously in the air. It's been a window to forget in many ways but painful reminders of this particular trading period throughout spring could start occurring.