It all depends on how much cash you have to spend dude.
First thing you do is give Obafemi Martins a new contract without the minimum fee release clause.
As far as I know, Newcastle's biggest problem is defence. So try to strengthen there first.
Gonzalo Pindea (2M) & Matt Hill (400K) are two great LB's and are both cheap. Must buys these two. Justin Hoyte is a decent RB. Get him on loan from Arsenal. Sergey Ignashevich is a good CB and you need some strength here. Get him, he's free at the start. He goes quick though. Mirel Radoi is another excellent CB/DM and will be cheap as well at about 2M tops. Get him too. That should set your defence up well. With Steven Taylor in your ranks, got some good players in defence which is a major concern with Newcastle. Beye, Faye & Nelsen are pretty good as well.
For GK, just get Enyeama so he give give Shay Given some stiff competition in between the posts. Get Preston Edwards for the future as well. Good English GK he turns out.
On the wings you have Milner & N'Zogbia who are both good. However, I'd recommend getting Fernando Belluschi from River for about 4.5-5M. He's awesome and will provide a lot of quality to your side. Be quick, as he goes early. Jeremy Menez for about 9M is always a good buy and he's very versatile. Will give more quality than N'Zogbia on the left. For your DM needs, Radoi is a good DM as well so you can use him there if needed. I'd recommend getting Flamini from Arsenal for 4M odd as well. Giulio Migliaccio is a good CM and is very vesatile. Doesnt cost a lot. Get him as well. That should sort your midfield out.
Your two forwards are excellent. Both Owen & Martins are two you should hold on to at any cost. Besides them, get Mauro Zarate for about 3M and Bogdan Stancu for 400K or so. That should have a great attack. If you lose anyone of the 2 strikers, get Briand instead. Or Fred.
Lastly, if you have money left over, get Matias Fernandez for MC/AMC. Ordinarily I'd recommend him as first choice but you really need to get some defenders in first.
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