The Journal (Luke Edwards): "Mike Ashley is adamant he wants to drive Newcastle United forward but he has once again failed to put his money where his mouth is.
"There is supposed to be a business plan at Newcastle United. Unfortunately, as things stand, you could probably write it down on the back of a Sports Direct till receipt.
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"In short, judging by United's transfer policy since Mike Ashley took control at St James's Park, it can roughly be summed up as a plan which requires Newcastle to sell players, bring in cheaper ones and keep their fingers crossed Joe Kinnear can blend them into a team which can avoid relegation.
"Much was expected of Newcastle United in the January transfer window, but we have been saying the same thing in each of the four windows since Ashley rolled into Tyneside with a brash swagger and a reputation as a sharp businessman with an eye for a bargain.
"Kinnear had asked for at least four players to strengthen his playing resources.
"A small squad is one player better off and, to make matters worse, at a time when he was expected to fund the club's transfer business from his own sizeable pocket, Ashley has overseen transactions which meant Newcastle ended the month with a profit of around £7.6m.
"His net spend on transfers in his 20 months on Tyneside stands - if you exclude the notoriously difficult to gauge loan fees - at roughly £2.1m. It is a shockingly small sum of money in the modern era and undermines everything Ashley has set out to achieve."