Newcastle United are ready to splash the cash on new signings in the January transfer window, according to Martin Keown.
The Magpies were taken over by a consortium fronted by the Saudi Arabia Public Investment Fund last month.
PIF have access to a vast wealth and the club has been surrounded by rumours of their plans for the January transfer window recently.
Despite the excitement off the pitch, Newcastle are still struggling on it, with Saturday’s 2-0 loss against Arsenal leaving them rooted to the bottom of the Premier League.
Newcastle are still without a win in the league this season and have taken just six points from their opening 13 matches.
Defeat at Arsenal should leave new manager Eddie Howe under no illusions about the need for reinforcements in the mid-season transfer window - and Keown thinks they will be busy.
"They’re worth £350billion,” the ex-Arsenal defender said on BT Sport. “That’s twenty times wealthier than Manchester City. They’re not going to sit around. They’ve not come to Newcastle to not spend money.
“That’s not going to happen, but what Howe does between now and Boxing Day, they have to get points on the board."
Despite their vast wealth, former Chelsea winger Joe Cole does not think recruitment will be straightforward for Newcastle, who he has tipped to spend £250m in January.
"There will be players all over and scattered across Europe whose agents would have been contacted - big names, we’ve seen them all in the newspapers,” he said.
“They’ll be sitting there thinking to themselves, ‘Newcastle, great. Premier League, great. I’ll be well paid. Coming to a fantastic club.’
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"But, if they’re cut adrift after these set of games [before January] then that cuts down your options and suddenly you’re shopping in a different window.
“I think that was the reason they brought Eddie in because Eddie has proven he can work with players.
“Players may be low on confidence, can build a team, build units, and it’s so important they get points on the board."
Newcastle drew their first game under Howe 3-3 against Brentford, but the Arsenal game was the first time he had been on the touchline due to Covid-19.
Arsenal were good value for their 2-0 win, with second-half goals from Bukayo Saka and Gabriel Martinelli securing the points for Mikel Arteta’s side.
Howe is not disheartened by what he has seen since taking over from Steve Bruce earlier this month.
"The players have been very responsive,” he told BBC Sport after the defeat.
“They have given everything in the two games. I can’t ask more than their best.
"We just have to look at the first one [game against Norwich]. Momentum in football is so important. We need to get that win as quickly as we can.
"It is great to be back. You don’t enjoy losing. Managing and being out there in action is what it’s all about."
