Joe Kinnear has admitted his frustration at not making another signing after Newcastle failed to make any permanent additions to their first-team squad.
The Magpies added striker Loic Remy on a season-long loan deal from Championship side Queens Park Rangers, but they failed in their bid to secure Lyon forward Bafetimbi Gomis as well as a number of others they were believed to be interested in.
But Kinnear has defended his role, having returned to the club as director of football tasked with Newcastle’ recruitment, and he has claimed that the lack of signings was not due to a lack of effort.
Writing in his programme notes ahead of today’s Premier League match with Hull, Kinnear said: "It was very frustrating that we did not add at least another signing to the squad in the recent window, but it was not for lack of effort.
"It was not an easy task to improve the quality of the current squad with the financial resources at our disposal, particularly in a window in which the value of players was grossly over-inflated and the demands of agents likewise.
"I worked very hard on several targets and we made a number of bids for players, but for various reasons - some of which were outside the club's control - we were unable to secure our targets.
"We will continue to operate in a financially responsible manner, buying only the right players for the right prices and not paying over the odds or making costly knee-jerk decisions.
"This is the reality of a well-run football club that lives within its means. When the deal is right and the player can add real quality and depth to the squad, we have the ability to spend."
His comments come after manager Alan Pardew confirmed the club didn’t have any money to spend in the transfer window, and that any new signings would have taken the club into the red despite signing the biggest sponsor agreement in their history with money-lenders Wonga.
It is also seen that Kinnear’s appointment has undermined Pardew and his control over the club, although owner Mike Ashley had maintained a good relationship with the Northern Irishman since his days as Newcastle boss.
They currently sit eighth in the table with two wins from four matches as well as a draw, and Pardew’s hope that attacking midfielder Hatem Ben Arfa would become more of a match-winner were immediately answered when the Frenchman scored the opening against Aston Villa last weekend as well as setting-up Yoan Gouffran’s winning effort.