Glenn Roeder has revealed his failure to bring in a striker meant Albert Luque could not join PSV Eindhoven.
The Magpies boss was willing to let the Spaniard depart during the transfer window, as long as he found a suitable replacement.
St Etienne striker Frederic Piquionne emerged as Roeder's number one target, but a loan deal failed to materialise as the Frenchman moved to Monaco.
For all his efforts on deadline day, Roeder was unable to bring attacking reinforcements to St James' Park before the transfer window closed.
Therefore Luque had to remain in the North East, despite agreeing to join Dutch champions PSV.
"The Piquionne deal came to an end on Tuesday night, St Etienne weren't prepared to loan him to us," Roeder told the club's official website.
"There's nothing we could do about that because he was St Etienne's player, I thought it would have suited them and it certainly would have suited us, but it wasn't to be.
"I spent the whole of Wednesday ringing around to see what was available to bring in on loan in the striker department, but to be quite honest what was offered to me, in my opinion, fell way short of being good enough to wear the Newcastle United shirt.
"I'm not going to bring in bodies for the sake of it if they are going to bring nothing to the squad.
"Not being able to bring in another striker means that Albert Luque now has to stay at Newcastle.
"He had a move to PSV tied-up on the assumption that we could get someone, but when that didn't materialise he has had to stay."