By Kieran Maguire

24th Oct, 2021 | 8:00am

Kieran Maguire: Newcastle have just taken multi-million FFP hit after confirmed news

Newcastle United have weakened their financial fair play position after the dismissal of Steve Bruce.

So says finance expert Kieran Maguire, speaking exclusively to Football Insider after the Magpies confirmed Bruce’s exit on 20 October.

Bruce, who finished 13th and 12th in his two full seasons at the helm at St James’ Park, was shown the door 13 days after the club’s takeover.

The Athletic reported shortly after the official announcement that the 60-year-old would receive an £8million payoff.

He leaves the club second-from-bottom in the Premier League and without a win in their opening eight matches this season.

Bruce’s successor will be given a £50million transfer budget ahead of the January window, as per The Telegraph on 16 October.

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But Maguire reveals that Bruce’s departure will affect how much of the new owners’ eye-popping wealth can be spent on new signing.

“It’s an operational cost, so it will count towards their FFP spend,” he told Football Insider correspondent Adam Williams.

“So yes, this will reduce what they are able to spend within the current three-year financial fair play cycle.

“In the grand scheme of things, it isn’t going to make a big dent in their transfer budget, for example. But it’s a case of every little helps for Newcastle.

“And what we have to remember is that they paid Sheffield Wednesday a very large sum when they acquired Bruce in the first place.”

In other news, Newcastle United tipped by ex-manager to sign “household name” as Premier League rivals run scared.