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Newcastle end up with cash profit

Rafa Benitez landed his seventh signing – but Newcastle ended up making a cash profit on the transfer window, reports Mirror Football’s Simon Bird.

Federico Fernandez, who played for Benitez at Napoli, was signed from Swansea for £6m.

The deal means Newcastle have made of £20m this summer while rivals have spend tens of millions.

That is despite Mike Ashley promising “every last penny the club generated” to Benitez for squad building.

Fernandez, 29, signed a two year deal and has 32 caps for Argentina.

Benitez said: “It was an easy decision to bring him here. He is experienced, a very good professional and will add competition in defence.”

Benitez missed out on many of his top targets but has arguably been left with a slightly stronger squad than this time last season.

He was denied big funds because he would not sign a new long term deal. Instead this is likely to be his last season on Tyneside, after also being denied cash to revamp the training ground and academy.

Fernandez said: “I am happy to be here. It is a new challenge and I am excited to meet all the players and staff.”

Ashley is facing growing discontent from fans who are holding protests this weekend.

The club accounts indicated that United had a potential to spend £50m and give Benitez a chance of pushing into the top eight, and challenge for cups.

Fans have launched a campaign asking: “Where’s all the money gone?”

Newcastle banked £123m from last season’s Premier League campaign, make another £40m, and have a wage bill under £100m.

The club is cash rich and ready for a takeover if a buyer meets Ashley’s £400m asking price.

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