Newcastle United manager Steve Bruce smiles

Kevin Phillips has claimed Newcastle United could have a “big, big budget” this summer without breaching the Financial Fair Play regulations.

The former England international, speaking exclusively to Football Insider correspondent Dylan Childs, Steve Bruce could be handed a budget that “would seriously improve the squad” after new light was shed on the club’s accounts.

The club’s prospective takeover is still yet to be announced with the agreement between Mike Ashley and an Amanda Staveley-led consortium submitted to the Premier League over  two months ago.

The Athletic revealed that the club’s accounts suggest that the potential new owners could spend as much as £150million in their first year in charge without breaching FFP regulations.

Phillips claimed Bruce would be over the moon if he was handed a transfer kitty in the region of that figure this summer.

“That is a huge budget,” he told Football Insider. “When you think back, then have not spent huge amounts of money. They spent a bit on Almiron and Joelinton.

“If that is the case, £150million is a big, big budget and that would certainly improve the Newcastle squad, no doubt.

“It would just be what type of player and what position.

“If Steve Bruce is given that full kitty, he will be rubbing his hands and thinking he has won the lottery!

“Everyone is assuming they will have a huge budget and they have been linked with all sorts of names. That is a healthy amount of money to spend.”

Football Insider revealed that the club are still owed £48million in transfer fees.

With Players values expected to dip as clubs struggle financially amid the Covid-19 crisis a budget of £100million-plus would give Newcastle significant buying power.

In other Newcastle United news, it can be REVEALED that the green light has been given for deal to be completed imminently.