Newcastle supporters have been an angry bunch this summer after Kevin Nolan, Jose Enrique and Joey Barton all left, and whilst seven new signings arrived, none was the striker so desperately needed.
Answering fans' questions submitted by the Evening Chronicle, Derek Llambias said: "It was everyone's desire at the club to bring in a striker. We worked hard to make that happen, but ultimately couldn't complete a deal that we had hoped to."
Asked further where the £35m, received from Liverpool for Andy Carroll money had gone, Llambias replied: "We made it clear when we sold Andy that the fee we received would stay in the club, and it has.
"The money will be spent prudently within the club and on new players as and when we are in a position to do so. We didn't promise to spend all the money in this window.
"Money will be available going forward, for the right player at the right time. If the club had been able to move on other transfer targets this summer, then more money would have been spent."
However, Llambias, who revealed that wages will account for around 65 per cent of turnover this season, seven per cent up on last season, confirmed that the big spending days are over.
He said: "The days of Newcastle United acquiring 'trophy' signings who command huge salaries for past successes on the pitch are over.
"Yes, they have generated excitement and anticipation in the past, but ultimately many of them have left the club poorer and with little to show for it in terms of our standing in the league."