It has been widely reported/suggested that Liverpool will have £20m to £25m to spend this summer.
Did you see this in The Guardian about Newcastle?
'Ashley and the club's managing director, Derek Llambias, believe £20m to £25m is a healthy budget for a club looking to consolidate its Premier League position.'
Newcastle will probably get to spend £25m on players.
How much of ours will go into contract extensions under the new transfer budget scheme.
Presumably Pepe's contract extension will have to come out of that.