Financial fair play calculations show that Tottenham have the greatest opportunity to spend big in the January transfer window - and put their season back on track under new manager Antonio Conte.
And Newcastle United's Saudi-led takeover really will propel the Magpies into contention with the Big Six in the Premier League, at least when it comes to transfer spending.
An analysis of top flight clubs undertaken for Sportsmail by Kieran Maguire, a lecturer in football finance at the University of Liverpool, estimates what each club could spend and still stay within the FFP limit.
Tottenham's new manager Antonio Conte will have the opportunity to spend under FFP rules
He has calculated that Spurs have by far the most FFP 'wiggle room' after a decade of bumper profits and limited transfer spending.
In fact, the north London club could spend up to £400m and stay within the FFP limit, twice the sum available to Arsenal and comfortably more than Chelsea, Liverpool, Manchester United and Manchester City.
'Spurs net transfer spend since 2010 is between a quarter and a half of the other Big Six clubs and it is the most successful club in terms of keeping its wages low as a proportion of income the club generates,' Maguire told Sportsmail.
'Spurs have had a business model rather than a trophy winning model.'
FFP allows clubs to make a loss, which is made up by wealthy owners, of £105m over three years. However, turning a profit, offsetting expenditure against against capital or football development projects and boosting revenues helps to stretch that envelope.
Spurs have disappointed this season after a bright start and are expected to make signings
Newcastle United have been propelled into the the Premier League's big spenders. The club will be able to spend £166m in a rolling three-year period and still operate within Financial Fair Play limits. With the new Saudi-backed owners, the club can now afford to realise its spending potential. However, analysts expect the club to quickly strike new commercial deals worth up to £100m that would expand the allowable expenditure to more that £200m, putting the Tyneside club in contention with Arsenal, Chelsea and Manchester United. Meanwhile, Spurs' profitability over the last decade mean they have the potential to spend more than any club. Source: University of Liverpool
Conte is widely expected to be given money to spend in the January window. Having seen his new side almost throw away a 3-0 lead against Vitesse in the Europa Conference League and then put in a lacklustre display in a 0-0 draw at Everton, he may be feeling that recruitment is even more important than he suspected.
And the former Italy manager has previously indicated how much importance he places on the opportunity to invest in a squad.
The Italian has left his last three clubs - Inter Milan, Chelsea and Juventus - over issues of money or control.
However, there is no culture of profligate spending at Spurs, far from it.
Maguire has calculated that between 2010 and 2020, Spurs made profits before tax of £401m, compared to huge losses at Manchester City and Chelsea and pre-tax profits of £128m at Manchester United.
In addition, Spurs net transfer spend since 2010 is between a quarter and a half of the other Big Six clubs.
Even so, the potential to spend and stay within FFP does not mean that Spurs either have the money available or the intention to invest it.
One of Conte's first tasks will be to make Harry Kane feel comfortable and to get him scoring
Chart shows how Tottenham Hotspur have delivered far greater profits than Big Six rivals in the last 10 years. Source: University of Liverpool
And Spurs have achieved that in part by spending less on wages and transfers in that decade. Source: University of Liverpool
'They have got the ability to spend in this transfer window provided they can get the funding for it. Whether that comes from ENIC, they go to the market of they have the cash, added Maguire.
'Daniel Levy has run the club as a business superbly, but if you view it as more than a business then it’s not superb. The gap between Spurs and the bigger clubs has been maintained. If Spurs are happy to be sixth, then fine.’
It is suggested Conte is already looking at players he can move on, as well as those he can bring in. And of course, cheering up the Spurs talisman, Harry Kane, will be top of his list.
But the fact is there will be no honeymoon period for Conte at Spurs, he knows he has to hit the ground running.
With Champions League football at stake, the new Tottenham boss needs Premier League points, and he needs them immediately.
The Tottenham Hotspur Stadium is a crucial part of Spurs business plan in the years ahead
Not least because the Spurs business plan is built upon maximising income from the their fantastic new, 62,000 capacity stadium, in order to release more funds to pay for wages and transfer fees, thereby closing the gap on rivals without calling on the owners for money.
Manchester United, by virtue of their large capacity, have been the most successful club in terms of match day income for all of this century, but potentially Spurs will overhaul them. However, that may depend on big European fixtures that will boost the coffers.
The FFP calculations are likely to infuriate Spurs fans, even more than they are already.
The Tottenham Hotspur Supporters' Trust recently went public with questions it has for the club's board after their request for a meeting was rejected.
The fans group wanted to meet with senior figures at Spurs to discuss the club's strategy and vision for the future, but were turned down, prompting further protests.
Spurs fans displayed this banner last month after the supporters' trust raised concerns
Meanwhile, Newcastle will be able to spend around £200million on players without breaching FFP rules in a rolling three-year period, once the new owners have negotiated early commercial deals.
There is no doubt the consortium now running the club, which is backed by the Saudi Arabia Public Investment Fund, has the money to invest right up to the allowable limit following a £305m takeover.
New boss Eddie Howe will have money to spend to keep the Magpies in the top flight, but the owners and manager have an awkward balancing act, since whatever they spend in January to stay up will diminish their FFP 'wiggle room' in the summer and in future years, when they may want to add more established players to the squad.
Newcastle United fans feel they have hit the jackpot after a Saudi-backed £305m takeover
A sum of £200m places Newcastle ahead of Manchester City and in a similar ball park to Arsenal, Chelsea and Manchester United, while leaving other top-four wannabes, such as Everton,
