Over the last 3 years they are about 20m in profit. You are allowed to make a loss of 105m. So they can spend about 125m. If it was all spent on players on 4 year contracts you amortise over 4 years so you can theoretically spend 500m. However, that does not include wages and then next year they would be screwed and wouldn't be able to spend any money. They should be able to spend 150m a year for the next few years. Similar to Villa but we had the big benefit of selling Jack for 100m which helped us a lot.
But sacking Bruce will cost them 9m apparently and then if they get a high profile manager that could cost them some serious wonga too. It is not going to be the spunkfest of spending that many (Toon fans) believe.