Newcastle simply cannot spend that sort of money. Even if they could, it would be reckless for them to do so on a loan signing who has refused to consider joining them on a permanent basis already this month.

That deal may still happen if common sense returns to the negotiating table. There is no value for money if Manchester United do not let Lingard leave. He will hardly play if he does stay at Old Trafford until the end of the season and his club will not get a penny for him in the summer if they continue to refuse to compromise with Newcastle.

Throughout it all, Newcastle have been constrained in what they can spend. PIF wants value for money, not average players on inflated fees and wages. But no matter how hard they try to convince selling clubs what the reality of their situation is, they cannot get the message through.

Despite everything, Newcastle still have time to change how their first transfer window is assessed and perceived. The signing of Lyon’s Brazilian midfielder Bruno Guimarães, which could eventually net the French club more than the £40m spent on club record signing Joelinton two years ago should be celebrated.

It is a major coup for everyone associated with Newcastle’s new order, but it still does not fill their most pressing needs for a centre back. Howe wanted two, if possible, in December, as well as a left back and a young striker to develop. He has none of those so far.

Few clubs recruit well in January. It is always difficult to sign one or two players, let alone the six Newcastle were after. There are mitigating circumstances but the cost of failure is potentially catastrophic.

Without new signings, Newcastle are far more likely to lose their battle against relegation. This is how high the stakes are for those in charge. They are up against the clock as deadline day approaches… and, without centre backs, the clock is still winning.

The deals that could still happen before the transfer window slams shut

by Luke Edwards

Newcastle United have found it harder to sign players this month than they imagined when drawing up a lengthy list of targets in December but they will be pushing for new arrivals until the window shuts on Monday night.

Here are some of the deals the Newcastle hierarchy are still working on as they look to land at left back, two centre backs, a central midfielder and a young striker. Sources have told Telegraph Sport that it is unlikely they will get all of these before the window closes but nothing has been ruled out at this stage.

Bruno Guimaraes, Lyon – midfield

This appears to be the most advanced of all the deals Newcastle are working on and with Lyon likely to accept an improved bid which will net them more than £40 million for the 24-year-old if all add on payments are met. The Brazil international’s arrival would be a big success for an under pressure recruitment team.