In a time where the Magpies had ambitions of becoming one of the biggest clubs in Europe, £15million was paid to Blackburn Rovers for Shearer.
The rest, as they say, is history with Shearer going on to achieve legendary status at his boyhood club by becoming their all-time leading goalscorer.
But not all expensive transfers work out and up until January 2019, United hadn’t broken their record transfer sum for 14 years.
Here, we take a look at Newcastle’s NINE most-expensive signings, how they fared on Tyneside and what they’re up to now:
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1. Aleksandar Mitrovic - £13million
Newcastle fans were desperate for Mitro to be on fire but in truth, he rarely was during his three years at St James’s Park. The popular Serbian was offloaded to Fulham by Rafa Benitez in 2018, where he has twice helped fire them back to the Premier League.
Photo: Alex Livesey
2. Jamal Lewis - £15million
The left-back endured a stop-season after arriving from Norwich City last summer as Covid-19, a hernia problem and a general lack of gametime prevented the 23-year-old from reaching full potential. Lewis, in his own words, insists he’ll become an important player for Newcastle.
Photo: Stu Forster
3. Georginio Wijnaldum - £14.4million
Wijnaldum spent a solitary season at Newcastle before joining Liverpool. And what he has achieved since then is admirable - winning the Champions League and Premier League at Anfield. This summer, he signed a lucrative contract at Paris Saint-Germain.
Photo: Michael Regan
4. Alan Shearer - £15million
Newcastle and the Premier League’s greatest-ever goalscorer. Shearer achieved legendary status during his 10 years at his boyhood club - breaking Jackie Milburn’s phenomenal goalscoring record before retiring in 2006. His statue now sits proudly near St James’s Park.
Photo: Getty Images