The summer months are a time when clubs do the key transfer deals that will boost their chances for the following season.
But with no firm buyer yet on the horizon, Newcastle United face spending this vital time in limbo, and starting next season under-prepared.
Professor of accounting at Newcastle Business School Richard Slack said a summer of uncertainty could have far-reaching implications.
He said: “There are two key things for a club in this period.
“The first is season ticket sales. The club do have people on three-year deals, but that is a limited number.
“In terms of their relegation it becomes very problematic.
“The other thing is the management of the playing squad. Normally a manager would be using the summer months to shape his squad for the following season.
“With the club having no-one in place it is very difficult to make decisions on players they want to leave and those that the club may want to sign.”