Newcastle United's director of football Joe Kinnear has blamed the "grossly over-inflated" value of players and agents' fees for his club's lack of transfer activity in the summer.
The Magpies were the only Premier League side not to sign a permanent senior player during this summer's transfer window, having only brought Loic Remy in through a loan deal.
"It was very frustrating that we did not add at least another signing to the squad in the recent window, but it was not for lack of effort," Kinnear wrote in his programme notes ahead of Newcastle's game against Hull City.
"It was not an easy task to improve the quality of the current squad with the financial resources at our disposal, particularly in a window in which the value of players was grossly over-inflated and the demands of agents likewise."
Newcastle lost 3-2 at home to Hull City in their Premier League clash this afternoon.
