Former Newcastle United star Lee Bowyer has slammed the financial rules that have restricted the club in the transfer market. Eddie Howe's side are one of several Premier League clubs who have been forced to act more cautiously due to the league's profit and sustainability rules (PSR).
Many fans have claimed that the rules are there to protect the Premier League's so-called Big Six from being properly challenged by clubs like Newcastle and Aston Villa, likening it to a 'cartel'.
PSR is used by the Premier League to limit the extent of losses that teams can incur, setting a £105million limit in losses over a three-year period. More emphasis has been placed on PSR in recent years since both Everton and Nottingham Forest received points deductions for breaches during the 2023/24 season.
The following summer, Newcastle notably sold Elliot Anderson and Yankuba Minteh to Forest and Brighton, respectively, to help raise funds, despite having competed in the Champions League. The most recent transfer window was another frustrating one for Newcastle, revolving around Alexander Isak's sale to Liverpool, and Bowyer believes the financial rules are hampering the club's chances of success.
"I can't say a bad word against Newcastle at this moment in time because - as a club - their hands are tied," Bowyer told Ladbrokes at the launch of Ladisfaction. "And it frustrates me, obviously I played for the club and the fans were unbelievable up there... and I feel for them because it's not fair.
"I don't think it's fair when you look at the clubs who have thrown money around left, right and centre, over the last 20 years, and they've all been able to build unbelievable squads who are capable of challenging for titles.
"Now Newcastle have the money to be able to do that but they're restricted; they've finally got someone who has the money to help them compete, but they're not able to spend it, and yet still they're actually managing to compete with the top teams in the division. That's why I think Eddie [Howe] and Jason [Tindall], and the rest of their team, are doing an amazing job, with their hands tied behind their back.
"They're having to duck and dive, and work magic with what they can do, and I don't think it's fair. You allow all of these teams to go and spend all these millions and build these amazing squads, and then you go and change the rules? To me that's not right."
Premier League clubs are set to vote on replacing the current PSR with a new system on November 21. The main proposed alternative is a Squad Cost Ratio, which is similar to UEFA's rules, but other options include "anchoring," which would link a club's spending to the revenue of the team at the bottom of the league.
Bowyer memorably played for Leeds United when the club was paying big transfer fees and competing in the Champions League before suffering financial trouble. PSR was introduced to prevent similar situations from unfolding. However, the ex-midfielder has argued that Newcastle do not face the same potential risks as other clubs.
"If you've got an owner who is proven, and you know they have all of this money, then why are you restricting them?" he argued. "I've been in the kind of situation where owners have come in and said they had millions and millions of pounds to spend, and when they've come through the door, they've had nothing, and as a result they've put the club in bad trouble financially.
"But that's not the situation at Newcastle; everyone knows these owners have billions, so you're just restricting a club that wants to be successful."
Bowyer, who made 98 appearances during his three years at Newcastle, believes the restrictions being placed on the club proves that the rules need to be changed. It is due to the team's issues in the transfer market that Bowyer believes Howe's team will struggle to reach the next level.
"I think it's so wrong. You can't just change the rules after everyone else, because now Newcastle face a near-impossible situation in trying to catch up to the other teams," Bowyer explained. "And somehow they're still up there, trying their hardest and finishing in the top four.
"I just don't think they have the strength in depth within their squad to go and compete in the Champions League, and then play on a Saturday. I think they will have the odd slip up here and there, and we've already seen that a few times this season, but it's down to strength in depth, and that's not something the other top, top clubs in Europe have to worry about.
"So, yeah, I think on the whole they're doing an amazing job, I really do. And I'm pleased that they're up there, I just wish they'd be able to spend a bit more money to make it fair, you know, so they can really compete the same way everyone else has been able to do in the past."
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