The Reasons Saudi Money Hasn't Turned Newcastle into Championship Challengers

The Newcastle manager is not given to dramatics or grand public statements. Based on his usual demeanor, his media briefing after the weekend's loss to West Ham qualifies as a angry tirade. His side took an early lead but the opposition were ahead by half-time, while also hitting the post and having a penalty revoked by VAR, leading Howe to make a triple change at the break.

“The opening period was particularly irritating,” the coach stated. “Virtually any player could have been substituted and I think this indicated of where we were at that stage during the match and it’s very, very rare for me to have that impression. In fact, I don’t think having done so during my tenure as head coach of Newcastle, so I felt the team required a significant change at half-time. This explains why I made what I did.”

Anthony Gordon, Nick Woltemade and Emil Krafth all came off at half-time and Newcastle did stabilise to an extent in the second half, without ever appearing like they could fight back into the contest against a side that had won only one of their last nine league matches. Given how packed the centre of the table is, with just three points separating the top spots from mid-table, and a nine-point margin between the upper and lower ranks, a run of 12 points from 10 games has not left Newcastle adrift but, equally, they must not end the campaign in 13th.

The Problem of Expectations

The challenge to an extent is one of public view. In the Saudi Public Investment Fund, Newcastle have the wealthiest owners in the globe. The assumption at the time the PIF bought a majority stake of the team in recent years was that it would have a transformative effect, as Roman Abramovich had at Chelsea or Sheikh Mansour had at Manchester City. The difference is that both of those owners took over before the introduction of FFP regulations (and the ongoing allegations against Manchester City concern whether they violated those guidelines once they were in place).

Financial restrictions limit the capacity of owners, however rich, to spend money on their teams and so in that sense probably might have hindered every Middle Eastern attempt to elevate Newcastle to the standard of City. However there is no need for Newcastle’s expenditure to have been so restrained as it has been; they could have invested further and stayed inside the threshold – or just accepted a fairly minor European fine since their major problem is primarily with the continental than the Premier League regulation.

Stadium Spending and Financial Regulations

Besides which, stadium development is exempted from PSR calculations; the easiest way to raise income to create additional PSR flexibility would be to extend or redevelop the stadium. Given the site of St James’ Park, with listed buildings on multiple sides, practically that likely implies constructing an completely new venue. Rumors circulated in March of possibly undertaking the short move to Leazes Park – resistance from community organizations could surely have been surmounted with a promise to build a new park on the current stadium site – but there has not been no movement on that plan. There has been significant retrenchment from the PIF on a range of initiatives as it shifts focus on local investments; the attitude to the football club appears entirely in alignment with that change of approach.

The Alexander Isak Saga

The star striker saga was arose from that conflict. A more confident leadership might have portrayed his transfer as essential to release capital for further investment; rather there was a unsuccessful attempt to retain him. That meant the team started the campaign amidst a sense of disappointment even with the acquisitions of Woltemade, Yoane Wissa, Jacob Ramsey, Malick Thiaw and Anthony Elanga. The start was indifferent: a single victory in their first six fixtures.

But it appeared a turning point had been turned. They had won five victories in six matches before Sunday, a streak that featured convincing wins of a Belgian side and Benfica in the European competition. That’s why the display against West Ham was so surprising. The issue perhaps is that Newcastle’s approach is extremely intense, very high-octane; a slight drop-off in intensity can have significant effects. Perhaps the pressure of domestic, European and cup matches, five games in 15 days, had taken its toll. Woltemade featured in all five games and appeared particularly weary.

Reality of Modern Football

That’s the reality of today's football. Coaches have to be ready to rotate. Howe has been unfortunate that Wissa’s fitness issue has meant he is short of attacking options but, no matter how valid the reasons, Sunday’s showing was unacceptable –especially following taking the lead at a ground primed to criticize its home team.

Howe will hope it was just a blip, an off-day when everybody is off-colour at once, but if the Magpies are to secure the Champions League in the future, let alone one day mount an actual title challenge, they must not be as inconsistent as they have been.

Anne Barajas
Anne Barajas

A financial analyst with over a decade of experience in investment strategies and personal finance, passionate about empowering others to achieve financial freedom.

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