Saudi owners sanction huge summer budget after scrapping £20m plans - The Telegraph

A hugely exciting 'exclusive' has emerged from The Telegraph in the last few moments, revealing Newcastle's huge plans heading into the summer transfer window.

Luke Edwards reports that we have scrapped plans to spend just £20m plus player sales and will now attack the summer market, with Dan Ashworth and Eddie Howe convincing owners that now is the time to build from a position of strength.

The modest budget previously put in place was in light of FFP concerns - we've spent £250m over the past three windows - but the club now believe those limits can be stretched as European football and lucrative new sponsorship deals promise to bring big financial boosts.

The Telegraph add that at least FOUR 'elite' players will be targeted this summer to boost our first-team, with Newcastle expected to be 'one of the biggest spenders in Europe' should Howe deliver a top-four finish and Champions League football.

Even without that, significant investment is expected, with a host of Premier League stars and European gems now under consideration as we plan to bring in a right-sided centre-back, left-back, two midfield players and a forward.

It's hard to believe just £20m plus player sales may have been available prior to this re-think, but hugely encouraging to hear we will now build on this brilliant season and add a host of quality players to our ranks; whether we achieve a top-four finish or not.

Howe pledged to target 'elite' players in last week's press conference and it seems we'll be doing exactly that if this exciting exclusive is anything to go by!