Mike Ashley has saved the best part of £10m with his Newcastle United summer signings.

Currency trading broker specialists, Foenix Partners, have revealed that changes in the exchange rate between summer 2014 and summer 2015, mean that Premier League clubs have paid up to 17% less in sterling, when buying from clubs in the Eurozone.

They put the total savings in the window just closed at £85m, on a figure of £483m spent by Premier League clubs for players from countries that use the Euro.

Ivan Toney only cost hundreds of thousands, whereas the best part of £50m was spent on the other four signings.

With two signings from Belgium, one from Holland and another from France, Mike Ashley was buying from Eurozone countries each time.

With wages in these weaker leagues all lower than in the Premier League, it meant Newcastle was easily able to put more attractive packages together when it came to salaries.

Whilst the move in exchange rates means it is even more understandable why Mike Ashley went abroad for perceived value for money.

Since mid September 2014, the GBP/EUR rate has steadily risen from below 1.2400, reaching a high of 1.4415 in July 2015 and gaining more than 20 cents (17%) in 10 months.

Whilst many clubs pay for players over a period of time, Mike Ashley’s reported policy has always been to pay the transfer fees in one go.

With the exchange rate having moved to such a favourable position this summer, it appears inconceivable that the club owner will have changed this position.

If Mike Ashley had left it so that future payments needed to be made, he would have run the risk of the exchange rate changing in the meantime and Newcastle having to pay more on those deferred payments.

The exhange rate issue also gives us a further reason why transfers for players such as Charlie Austin and Saido Berahino possibly haven’t happened, their clubs not only sticking out for high transfer fees but with increasing value being seen overseas.