Newcastle United have told fans why they did not make any new signings in the latter stages of the summer transfer window.
The club state the decision reflects their commitment to operating "in a sustainable manner".
They said the Covid-19 pandemic was responsible for falling revenue, writing: "cash generated each year through matchday and non-matchday activities, plus any transfer fees received from player sales, determines how much is available to spend.
"In a ‘normal’ year, our operating model would generate sufficient funds to enable us to make one or two quality first team additions, as well as investing in other areas.
"The last two years have been challenging, with Covid-19 having a considerable impact on the club’s finances and therefore the amount of cash we have available to spend."
The club were keen to emphasise that there has not been a total lack of summer spending.
Last season loanee Joe Willock was signed on 13 August for a reported fee of £25 million.
"Ahead of the summer transfer window and having made a significant impact after arriving on loan in January 2021, Joe Willock was identified as the club’s primary target [...] and we are beyond delighted to have secured him," the club added.