Newcastle United boss Mike Ashley is about to tell Steve Bruce that his budget has been cut in half, according to the Northern Echo.
Bruce was hoping to have considerable funds to spend at Newcastle this summer, with the Magpies boss making no secret of his desire to improve his squad.
However, Ashley is set to deliver bad news – and tell Bruce he only has around £35 million to spend now.
Newcastle were looking to make several permanent additions, but now may be forced to dip into the loan market.
Bruce has already used his contacts to bring in Danny Rose, Valentino Lazaro and Nabil Bentaleb on temporary deals – and Newcastle may be reliant on similar transfers next year.
Bruce is sure to be disappointed with the news, as it means that his job of improving Newcastle’s squad is only set to be tougher.
Newcastle’s only hope for a big spending summer now appears to rely on their takeover being approved.
Newcastle have been waiting for the Premier League to approve their potential new Saudi owners for months now, but still no final decision has been made.