The most high profile of those was the potential signing of Luka Modric who signed for Spurs this week on what is said to be a LOWER fee and wage than that offered by Newcastle United; an odd move for a club who contemplated a bidding war to enhance their profits.

A Club source for Dinamo Zagreb said:

"Luka really wanted to go to Newcastle, but they would not pay more. Dinamo asked for £25 million and also Modric wanted a little more money in wages - but not much more. So it is strange that the transfer with Tottenham would be agreed for much less money."

Keegan said of the situation:

"I was supposed to have gone for lunch with Modric, but I can't remember it. We've earmarked about 20 players, he's one of the best midfielders in the world and the right age, but at the moment - and it's a sad thing - we've gone for three players and lost all three."

The setback hasn't stopped Keegan from progressing with his transfer ideas, and whilst he believes the lack of signings is a result of the above factors, he has been linked with many other good players recently who have Premier League experience, as well as those who are looking for a transfer to England. Over the weekend Newcastle must have been linked with half a dozen players if the various media sources are to be believed.

Keegan also hasn't ruled out his capabilities of spending big money on a player, whether he is given such large sums of cash is another matter. Newcastle United fans will believe him when he says if he has the cash and finds the right player, he will spend big.

They have Alan Shearer as proof of Keegan's big signing portfolio.

He said:

"Spending £25 million on one player doesn't frighten me one bit. You have to target big players. If you have a budget, it's like any budget: if you have ‘X' million, you can divide it into one or two players, or four or five.

We'll be in there pitching for some very good players. If you don't bowl, you can't knock the wickets down. We might get hit for six, but we might get a wicket.

We may end up on July 7 with no one because we don't offer them enough - and I don't mean just financially.

You hear Thierry Henry say he wants to be back in London, and that is a well known fact with a lot of foreign players. It helps Spurs, Chelsea and Arsenal and works against us.

But we are where we are. We're not going to move this franchise like they do in America. Players have to move here, they have to live here, they have to put up with the weather and they have to enjoy playing in this stadium."

Keegan met with Owner Mike Ashley and Chairman Chris Mort last week to discuss the club's ambitions, and he believes that he is supported by both men in his view that the current squad is too small to be effectively competing for the top 6 next season.

He added:

"We've only got a small squad and I think that's one of the reasons we struggled because I have to use the same players. It's been the same for the past seven games.

We've only got the league as we're not in Europe, but we've got two kids at the back so we've got to strengthen. If the owner thinks that just these players can go on next season - and I know he doesn't - then he'd be misguided."

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