The Saudi-owned club have spent £416.5 million on 13 first-team players in the last two-and-a-half years, with only four players sold for combined fees of approximately £44 million.
That includes Chris Wood, a player who was bought for £25 million in January 2022 before joining Nottingham Forest a year later in a deal worth an eventual £15 million.
The combined losses on their accounts since the Saudi royal family’s Public Investment Fund purchased the club stand at £105 million.
In order to balance this, it is suggested that Newcastle could sell one of their key players, namely Alexander Isak, Bruno Guimaraes or Sven Botman.
That could interest Liverpool, of course, with Edwards previously reporting for the Telegraph that the Reds had enquired over the midfielder’s availability last season.
At the time they, along with Chelsea, were told the Brazilian was “not for sale at any price” and he went on to sign a new long-term contract, but the situation appears to have changed.
Newcastle chief executive Darren Eales told reporters on the release of the club’s latest accounts that they could look at “churning players” to comply with profit and sustainability rules.
Eales used the example of Liverpool selling Philippe Coutinho for £142 million in 2018, and spending almost the same amount on both Alisson and Virgil van Dijk, as a means of improving while amortising payments over a longer period.
“If you sell a £50 million player and bring in an identical one on £50 million, on the same wages, but amortise over the five years the player you are bringing in, that’s only £10 million a year,” he explained.
“So, you are creating £40 million of headroom. If you are churning players you create more headroom.”
He added: “Every player has a price…if we’re going to get to where we want to get to, at times it is necessary to trade your players.”
There is no confirmation that Liverpool would renew any interest in Guimaraes next summer, but it would certainly be an attractive move as Thiago heads for the exit.