While the nation's Public Investment Fund wealth is available to the club, they cannot spend it due to FFP regulations.
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Speaking to 'The Overlap,' Howe stated: The only way that I know is for us to get to the next stage at Newcastle is through smart recruitment.
"That is going to be where we ultimately succeed or fail, and when I say smart, we need to get players for cheaper than the market value and we need to get them before they've developed and are recognised.
"Given the restrictions, I don't know another way of doing it. Also, we need to keep our current group of talented players that are making a difference and are continuing to grow. I think it can be done but it's going to be hard."