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Newcastle will reportedly only have a £50m transfer budget in January in their first transfer window under their wealthy new owners.

The Premier League side are being linked with top stars from across Europe since their recent £305million takeover by Saudi Arabia’s Public Investment Fund. The deal makes them the wealthiest club in football, with a number of big transfers expected to follow.

However, according to the Sunday Telegraph, Newcastle’s new owners have deliberately set a somewhat low transfer budget for January. That is despite the fact that they could spend up to £200m without breaking Financial Fair Play rules.

However, PIF are eager to build things slowly at Newcastle rather than transform them overnight.

The report adds that the board also want to appoint a sporting director, as well as improve matters behind the scenes before they start splashing the cash on new signings.

PIF are taking a different approach to how things unfolded at Manchester City and PSG when their new owners took charge.

That news will likely come as a surprise and disappointment to Newcastle fans. They endured years of Mike Ashley being stringent in transfer windows, often making their feelings clear on the old owner.

While big-name additions are still expected to happen, they may not come until the summer at the earliest.

That would appear to be somewhat of a gamble, given the club’s perilous position in the Premier League table.

Newcastle face Tottenham in St James’ Park on Sunday, with Steve Bruce still at the helm.

Reports claimed that the local boy would be axed as soon as PIF came in. However, Bruce has so far survived, although results will have to significantly improve for him to stay.

Liverpool and Sunderland among best picks as top four English leagues take shape

Attacking boss tipped to replace Bruce

Meanwhile, a manager known for his attacking brand of football who held a verbal agreement with Tottenham this summer has become a ‘serious candidate’ to become the next Newcastle United boss, per a report.

Current boss Steve Bruce will take charge of his 1000th game in management when Newcastle face Tottenham on Sunday. However, widespread reports have stated that despite win, lose or draw, that will be Bruce’s final act at the helm.

Newcastle have lofty ambitions to put themselves among the world’s elite following their Saudi-led takeover. While headline transfers will have to wait until January, a managerial appointment is expected to come next week.

ESPN back up that notion, claiming Bruce will be in line for an £8m compensation package. To the world’s richest club, a figure of that amount is a drop in the ocean.

Attention has seemingly already turned to who will take charge once the axe falls. But despite the obvious lure of leading an exciting new project and possessing a massive transfer war chest, several managers have already ruled themselves out of contention.

Brendan Rodgers and Rafael Benitez are understood to have pulled themselves out of the running. Nonetheless, the likes of Steven Gerrard, Frank Lampard, Eddie Howe, Roberto Martinez and Lucien Favre have been mooted.

Fonseca linked with Toon job

But per ESPN, former Roma boss Paulo Fonseca is becoming a ‘serious candidate’ for the job.

Fonseca had been tipped to take the reins at Tottenham this summer. The Telegraph even insisted the 48-year-old had reached an agreement in principle with Spurs.

The deal ultimately fell through due to Fonseca’s apparent unhappiness over the financial aspects on offer. He later claimed differences with Director of Football Fabio Paratici were to blame.

Nonetheless, Fonseca remains available to hire and the ESPN report states his brand of attacking football is ‘intriguing’ to Newcastle’s hierarchy.

Whether Fonseca will get the gig, only time will tell. But for now at least, it appears the Portuguese is certainly in the mix.

READ MORE: ‘Benitez likes him’ – Newcastle takeover could push current star into Everton clutches

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