Newcastle United were quoted eyewatering fees for Marc Guehi and Jorgen Strand Larsen who look set for moves at a fraction of the price.
16:29, 16 Jan 2026Updated 17:54, 16 Jan 2026
Newcastle United boss Eddie Howe(Image: )
Newcastle United’s transfer business this summer has come under scrutiny, given their inconsistency so far this season. We all know Eddie Howe had to contend with the disappointment of Alexander Isak pushing for a move to Liverpool and losing their star striker has forced the Magpies head coach into a tactical rethink.
Nick Woltemade and Yoane Wissa were brought to the club in an attempt to plug that gap, though both players have not quite been as dangerous as Isak was during his St James’ Park tenure, nevertheless, it’s still early days. The German striker has had more joy of the two, but is someone who likes to drop deep and link up the play, while Wissa has missed the first half of the season through injury.
There’s been constant conversations regarding whether the two new signings can play together or whether Howe needs to head back into the transfer market for another signing to reignite the club’s attack. Which is easier said than done, and one look at the business other clubs are doing this month speaks volumes.
Take Wolves and Jorgen Strand Larsen. Newcastle were reportedly quoted an eye-watering fee of £60million to sign the Norwegian striker, prior to Wissa’s arrival on Tyneside. It’s only a personal opinion, but the Magpies did well not to cave in to such pressure and fork out a ridiculous fee for a player who is far from prolific.
Leeds United have registered an interest in the 25-year-old, who has just one goal and one assist in 19 appearances for Wolves in the top-flight this season. Those reports claim the Premier League’s basement boys have quoted the Whites an asking price in the region of £40m, a staggering £20m cheaper than what Howe’s side were quoted this summer, just a few months on.
If that isn’t a clear enough example of the ‘Newcastle United tax’ then I don’t know what is. If you need another, you need just take a look at the fee Man City are set to pay Crystal Palace for Marc Guehi this month.
The England international is set to move to the Etihad for a reported fee of £20m, while Newcastle were quoted a remarkable £70m asking price in the summer of 2024.
Marc Guehi(Image: Getty Images)
Now, of course, there’s the caveat that Guehi is in the final few months of his contract at Selhurst Park and will be able to leave on a free this summer, with Palace in a much weaker negotiating position compared to talks with the Magpies. With Liverpool and Man City both keen, Newcastle wouldn’t stand a chance in terms of the wages they’d be able to offer.
Which brings us almost full circle and back to the main gripe of the summer. Howe’s side want to be an elite club, they’re still in four competitions fighting for honours, including the Champions League, and yet they’re still some way off being one of the country’s top dogs.
That’s not to say they won’t ever be one, but it only highlights some of the issues still plaguing the club and its ownership. PSR is going away at the end of the season and Newcastle will have to contend with new rules and regulations in the summer transfer window, and while it’s a key component regarding the Magpies’ transfer market struggles, it also underlines missed opportunities.
Hugo Ekitike and Benjamin Sesko chose Liverpool and Man United over moves to St. James’ Park, despite the Magpies finishing higher than the latter and winning silverware. The summer should have been all about kicking on this season and yet performances haven’t been near the same level.
While recruitment has generally been a strong point, the summer business felt reactionary, rather than pre-planned. Now, of course, Newcastle will have plans in place for all eventualities and losing a world-class talent like Isak would affect any side.
Nevertheless, if we are to look at transfer business, it’s fair to say based on performance this season, that they’ve overspent on Anthony Elanga. This isn’t going to be a hit piece on the Swedish international who is clearly struggling and fingers crossed he’s able to rediscover that form he showcased during his time at Nottingham Forest.
Anthony Elanga of Newcastle(Image: James Marsh/Shutterstock)
However, the Toon spent £55m, including add-ons, to bring Elanga to St. James’ Park and he’s not been able to justify that fee – yet – while Jacob Ramsey is another who has struggled since his summer move. PSR means Newcastle simply cannot afford to sign players for those kind of fees and not hit the jackpot in the transfer market.
Collectively, they paid less for Sandro Tonali and less for Bruno Guimaraes to name just two, who have gone on to have a considerable impact on the starting XI. Even Anthony Gordon and Harvey Barnes repaid Newcastle quicker than Elanga and their transfer fees were respectable.
They haven’t had the same response from their summer signings compared to previous years. On the whole, Newcastle have shown, more often than not, they know when to walk away from a deal that is overpriced, i.e. Guehi and Strand Larsen. It’s also fair to say they won’t get every transfer right, but when transfer fees are that high, it only exasperates the issue.
Newcastle were treading a fine line of needing to sign players, but lacked the pre-planning to make moves in the summer, or at least that’s how it now looks with the benefit of hindsight.
With Ross Wilson now in place, things should look different moving forward, but he’s going to have to be creative to get around the aforementioned ‘Newcastle United tax’.
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