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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5. Michael Owen - £16million
The less said about Owen the better after an injury-hit spell at Newcastle. A record of 30 goals in 79 appearances isn’t the worst you’ll see, but it’s Owen’s attitude that caused the most anger among the United fanbase. Photo: Alex Livesey
6. Allan Saint-Maximin - £16.5million
The French maverick is a born entertainer and gets Newcastle fans on the edge of their seats every time he’s on the ball. Saint-Maximin is recognised as one of the best dribblers in Europe, making him an integral part of Steve Bruce’s squad. Photo: Charlotte Tattersall
7. Miguel Almiron - £20million
While Almiron hasn’t exactly been prolific with goals or assists since arriving from Atlanta United in January 2019, his workrate, energy and all-round likeability has seen United fans take the Paraguayan to their hearts. Photo: OWEN HUMPHREYS
8. Callum Wilson - £20million
It was viewed as £20m well spent at the time and most certainly is now. Despite missing 12 games through injury last term, Wilson swiftly established himself as a firm fans' favourite - finding the net 12 times during his debut season. Photo: Charlotte Tattersall