The Reasons Middle Eastern Investment Hasn't Turned Newcastle into Title Contenders

Eddie Howe is not given to histrionics or grand media pronouncements. Based on his standards, his media briefing after Sunday’s loss to West Ham qualifies as a angry outburst. Newcastle took an early lead but the opposition were ahead by half-time, while also hitting the post and seeing a spot-kick overturned by VAR, prompting Howe to make a three substitutions at the half-time.

“The opening period was particularly irritating,” Howe stated. “Virtually any player could have been substituted and I believe that was a reflection of where we were in that moment during the match and it's extremely uncommon for me to feel that way. Actually, I cannot recall having done so during my tenure as head coach of Newcastle, therefore I believed the team needed a significant change at half-time. This explains why I made what I did.”

Anthony Gordon, Nick Woltemade and Emil Krafth were substituted at the interval and Newcastle did stabilise to an extent in the second half, without ever really looking like they might get back into the game against an opponent that had won only one of their previous nine league matches. Considering how packed the middle of the table currently is, with just three points dividing third from 11th, and a nine-point margin between the upper and lower ranks, a run of 12 points from ten matches has not placed the Magpies adrift but, similarly, they must not end the campaign in thirteenth place.

The Issue of Perception

The problem to an extent is one of public view. In the Saudi Public Investment Fund, Newcastle possess the wealthiest backers in the world. The expectation when the PIF acquired a majority stake of the club in 2021 was that it would have a game-changing impact, similar to the former Chelsea owner had at Chelsea or Sheikh Mansour did at the Etihad. The difference is that those two owners took over before the introduction of financial fair play rules (and the ongoing charges against Manchester City concern if they violated those regulations after they were implemented).

Financial restrictions restrict the capacity of proprietors, however rich, to invest funds on their squads and therefore probably would have slowed any Middle Eastern attempt to elevate the team to the standard of Manchester City. However it wasn't necessary for the club's expenditure to have been quite as cautious as it has been; they might have invested further and stayed inside the threshold – or just accepted a fairly minor Uefa penalty since their major problem is more with the continental than the domestic rules.

Infrastructure Spending and Financial Rules

Additionally, stadium development is exempted from PSR assessments; the simplest method to increase revenue to generate additional PSR flexibility would be to expand or redevelop the stadium. Given the site of St James’ Park, with listed buildings on two sides, in reality that probably means constructing an entirely new venue. There was talk in spring of potentially making the short move to Leazes Park – opposition from local groups might have been surmounted with a commitment to create a new park on the existing stadium site – but there has not been no movement on that proposal. There has occurred substantial retrenchment from the Saudi fund on a range of initiatives as it shifts focus on domestic affairs; the approach to the football club appears entirely in keeping with that change of approach.

Player Sales Situation

The star striker saga was arose from that tension. A bolder leadership could have portrayed his transfer as essential to release funds for further spending; instead there was a vain attempt to keep him. That meant the team began the season amidst a sense of disappointment even with the signings of several new players. The opening was indifferent: a single victory in their first six games.

But it seemed a turning point was reached. They had won five victories in six matches before Sunday, a run that featured demolitions of a Belgian side and a Portuguese club in the European competition. That’s why the display against the Hammers was so surprising. The issue perhaps is that Newcastle’s style is extremely intense, very high-octane; a slight drop-off in intensity can have significant effects. Maybe the strain of domestic, European and cup matches, five games in 15 days, had taken its toll. Woltemade featured in each of those matches and looked particularly weary.

Reality of Contemporary Football

This is the reality of today's football. Coaches have to be prepared to rotate. The manager has been unfortunate that Wissa’s fitness issue has left him lacking forward choices but, regardless of how valid the reasons, the weekend's performance was inexcusable –particularly after scoring first at a ground ready to criticize its own side.

The Newcastle boss will wish it was merely a temporary setback, one of those days when everybody is below par simultaneously, but if the Magpies are to secure the Champions League next season, not to mention one day mount an actual title challenge, they must not be as unreliable as this.