Newcastle United have taken a huge financial gamble by not including relegation clauses in the contracts of the players signed during the transfer window. The club were the biggest spenders in the Barclays Premier League last month, investing £28.5 million on three new players, but their relegation fears intensified last night after a 3-0 defeat away to Everton left them stuck in the bottom three.

And The Times has learnt that they have not protected themselves financially in the event that they go down.

Newcastle appear to have taken a calculated risk that Mike Ashley’s sudden spending spree will be enough to propel Steve McClaren’s side up the table, although previous heavy investment when the club spent more than £50 million on four players last