Newcastle owner Mike Ashley claimed lack of funds was the main reason why the club couldn’t afford to splash the cash during the summer transfer window.
The club have plans to up their spending next summer, with TV rights money set to financially strengthen their coffers.
However, should a plan by the “top 6” (Manchester United, Manchester City, Chelsea, Liverpool, Arsenal and Tottenham Hotspur) go through, the Magpies and clubs like West Ham could see a significant drop in their shares of TV cash.
All EPL teams have shared the cash from overseas TV contracts equally since 1992, with everyone pocketing £39million apiece last term according to the current 3-year deal.
However, the top 6 met with others on Wednesday to propose a different sharing formula – one that would ensure 35% of the overseas TV cash would be decided upon league position as from the 2019/20 season.
Teams bound to finish outside the European qualifying spots are safe for now, as any change in how the Premier League shares out the cash would require 70% (14 of 20 clubs) support.
11 clubs firmly opposed to changing how overseas TV cash is shared out on Wednesday, but another meeting is set for next Wednesday to finalize what the sharing arrangements will be.
Should 5 clubs decide to make a u-turn by then and support the merit payment arrangement 9 sides have already agreed to, that would signify a significant drop in transfer funds for a lot of sides going forward.
