Take a breath, everyone. The most stressful transfer window in Newcastle’s recent history has closed.

Here is a summary of the movements with reported transfer fees:

Incomings

• Anthony Elanga – £55m (Nottingham Forest)
• Aaron Ramsdale – £4m loan fee with option to buy (Southampton)
• Malick Thiaw – £34m (AC Milan)
• Jacob Ramsey – £43m (Aston Villa)
• Nick Woltemade – £69m (Stuttgart)
• Yoane Wissa – £55m (Brentford)
• *Antonio Cordero – Free (Malaga)
• * Park Seung-soo – Undisclosed (Suwon Bluewings)

Outgoings

• Alexander Isak – £130m (Liverpool)
• Sean Longstaff – £15m (Leeds)
• Lloyd Kelly – £15m (Juventus)
• Martin Dubravka – Undisclosed fee (Burnley)
• Garang Kuol – £500k (Sparta Prague)
• Callum Wilson – Released (West Ham)
• Jamal Lewis – Released
• Isaac Hayden – Released (QPR)
• Odysseas Vlachodimos – Loan (Sevilla)
• Matt Targett – Loan (Middlesbrough)
• Antonio Cordero – Loan (KVC Westerlo)
• Trevan Sanusi – Loan (Lorient)
• Joe White – Loan (Leyton Orient)
• Aidan Harris – Loan (Coleraine)
• Travis Hernes – Loan (Groningen)

Newcastle have spent approximately £260m in transfer fees this summer, while recouping around £147.5m. Add the £30m from Almiron and Kelly in January and that totals a net spend of around £82.5m in 2025.

Newcastle have been busy, but has it been a success?

Goalkeeper

James Trafford was the main target, and it is surely a source of embarrassment that after a 12-month pursuit Newcastle were gazumped at the 11th hour due to a clause that was always likely to be triggered by Manchester City. Why it took until so late in the window to agree a fee for Trafford (thus giving City extra time to act) is anyone’s guess.

Newcastle moved on swiftly though, and Aaron Ramsdale represents a low-risk, potentially high reward alternative. The 27-year-old is a clear upgrade on Dubravka and should be in line for some starts soon. It was satisfying to see Dubravka and Vlachodimos moved out which brings Newcastle’s goalkeeper department back to a more normal size.

Centre Back

One of the longest standing priority areas to strengthen the team heading into the window has been filled by one of the lowest profile signings. Malick Thiaw has been on the agenda for a number of years, with Howe clearly an admirer of the German.

Thiaw has all the raw attributes but never truly nailed down a regular first-team place at AC Milan. It will take some time for him to adjust to Howe’s and the Premier League’s demands, but he will be given every opportunity when the games start coming thick and fast. This is now an area of real strength for Newcastle with Botman and Lascelles back from injury and Schar and Burn continuing to defy their years.

Central Midfield

Another long-time Howe target was snapped up in Jacob Ramsey, who slots into the squad as a direct positional replacement for Sean Longstaff, albeit with a more offensive skillset. If Ramsey can stay injury free and recapture some of the early promise he showed as a youngster for Villa, the signing could prove to be a real coup.

Another midfielder would have been useful, but it wasn’t to be. That may be a priority position for January, and it also affords the likes of Lewis Miley and Joe Willock extra minutes. Miley’s game needs development which will come from time on the pitch, while Willock is playing for his future after two poor seasons. Newcastle’s chances of success this season rests on the ability of their big three midfielders to stay fit and in form.

Right Wing

The right-wing position was the one remaining area of the pitch that had not been strengthened at all post-takeover (apart from Yankuba Minteh who was sacrificed at the altar of PSR).

In a running theme of the window, another previous target, Anthony Elanga, was acquired. Elanga was signed early enough to have a full pre-season, and he brings blistering pace and a rotation option for Jacob Murphy. He may take some time to adjust to Howe’s requirements but is young enough and with a good enough attitude to develop areas of his game that need refinement.

Striker

Newcastle were always going to need at least one striker this window even before Isak’s militant behaviour meant they had to sign another. Losing Isak was a problem Newcastle didn’t think they would have to contend with for another year, but his conduct made his position untenable.

Nick Woltemade is the most intriguing signing of this window due to his unique profile and the fact he is replacing one of the world’s best strikers. He will be a lot of fun.

The £55m Newcastle had to spend on the Premier League proven Yoane Wissa feels like a significant overpay on a 29-year-old, but if Howe can get three good years out him it will be money well spent. Wissa appeared in 91% of Brentford’s league games over the last four seasons and comes off the back of a 19-goal league season last term. He scores a variety of goals but really specialises in 6-yard-box poaching.

Between them, Wissa and Woltemade should be capable of bettering the 23 goals and 6 assists collected by Isak last season, and they will provide a bit more tactical flexibility for Howe, while reducing reliance on one player.

Conclusion

The summer 2025 transfer window has been very tough going at times and missing out on so many key targets was painful. There are lessons to be learned about dealing with agents, and Howe needs more help from above when it comes to communication and accountability, but Newcastle will be content with their business.

They have managed to overhaul their squad for a relatively minor net spend thanks to the Isak sale.

The replacements (with the exception at this stage of the irreplaceable in talent terms Isak) all represent a jump in quality. While the ceiling of the first team may have been lowered due to the Swede’s departure, the floor of the squad has been raised, and the substitute bench looks a lot stronger. This is key ahead of a minimum 48-game season and with the Champions League induced travails of 2023/24 fresh in the memory.

The new players are also all significantly younger than their departed colleagues. In a squad carrying a number elder statesmen it was critical that the average age was brought down.

The wage bill is an underappreciated aspect of PSR which often actually costs more over the course of a contract than the headline grabbing transfer fee. This is all the more important as PSR transitions in 2026 from the allowable losses model to a squad cost ratio. It looks like Newcastle have managed to complete this refresh while more or less breaking even on the wage bill after moving on some well-paid fringe players.

Selling Isak was not in the grand plan for this summer, but his British record sale allowed money to be reinvested into the squad, at the same time as providing critical financial headroom for future windows. There will be no repeat of the calamity in 2024. Newcastle are now in a strong financial position.

Newcastle’s transfer hit rate has been extraordinary since the takeover. Time will tell, but it looks on paper like this window could bring similar success.

Now, thankfully, it is back over to the football.

HWTL!