Why Saudi Investment Has Not Transformed The Magpies into Championship Contenders

The Newcastle manager isn't typically prone to dramatics or grand public statements. So by his standards, his press conference after Sunday’s loss to West Ham counts as a angry tirade. His side took an early lead but West Ham took the lead by the interval, while also hitting the post and seeing a spot-kick revoked by VAR, leading Howe to execute a three substitutions at the half-time.

“The opening period was particularly irritating,” the coach said. “I almost could have taken anyone off and I think that was a reflection of where we were in that moment during the match and it’s very, very rare for me to have that impression. Actually, I cannot recall I have since I’ve been manager of the club, so I felt the team required a significant change at half-time. This explains why I did those decisions.”

Three key players were substituted at the interval and Newcastle did stabilise to an extent in the second half, without ever appearing like they might fight back into the contest against an opponent that had won only one of their previous nine league matches. Given the congestion the centre of the standings 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 ten matches has not placed Newcastle stranded but, equally, they must not finish the season in 13th.

The Issue of Perception

The problem partially is one of public view. In the Saudi Public Investment Fund, Newcastle possess the wealthiest owners in the world. The assumption at the time the Saudi fund bought a majority stake of the club in 2021 was that it would bring a transformative effect, as Roman Abramovich had at Chelsea or Sheikh Mansour did at the Etihad. The difference is that both of those owners took over prior to the advent of financial fair play rules (while the current allegations against City concern whether they violated those guidelines once they were implemented).

Profit and sustainability restrictions restrict the ability of proprietors, no matter how wealthy, to invest funds on their squads and therefore probably might have slowed every Middle Eastern effort to elevate the team to the level of City. But it wasn't necessary for the club's expenditure to have been so restrained as it has been; they could have invested further and stayed inside the limit – or simply taken a fairly minor Uefa fine since their big problem is primarily with the European than the domestic regulation.

Infrastructure Spending and Financial Rules

Additionally, infrastructure spending is exempted from Profit and Sustainability assessments; the easiest way to raise income to create additional PSR flexibility would be to expand or redevelop the stadium. Considering the location of St James’ Park, with protected structures on two sides, in reality that probably means building an entirely new venue. There was talk in spring of potentially undertaking the short move to a local park – resistance from local groups might have been overcome with a promise to create a replacement green space on the current ground location – but there has been any progress on that proposal. There has been significant retrenchment from the PIF on a variety of projects as it shifts focus on domestic affairs; the attitude to the football club appears entirely in keeping with that change of approach.

Player Sales Saga

The star striker episode was born of that conflict. A more confident management could have framed his transfer as necessary to free up capital for additional spending; instead there was a vain attempt to retain him. This resulted in Newcastle started the campaign amid a sense of disappointment even with the acquisitions of Woltemade, Yoane Wissa, Jacob Ramsey, Malick Thiaw and Anthony Elanga. The opening was indifferent: a single victory in their initial six fixtures.

Yet it appeared a corner had been turned. They secured five victories in six matches before Sunday, a run that featured demolitions of a Belgian side and Benfica in the European competition. That’s why the display against the Hammers was such a shock. The problem perhaps is that Newcastle’s approach is extremely intense, very high-octane; a minor decrease in intensity can have profound consequences. Perhaps the pressure of Premier League, Champions League and Carabao Cup competition, five fixtures in 15 days, had taken its toll. Woltemade featured in each of those games and appeared especially fatigued.

Reality of Modern Soccer

That’s the nature of modern the sport. Managers have to be ready to make changes. Howe has been unlucky that Wissa’s fitness issue has meant he is lacking attacking options but, no matter how reasonable the reasons, the weekend's performance was unacceptable –especially after taking the lead at a ground primed 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 at once, but if the Magpies are to secure the European competition in the future, not to mention one day launch an actual title challenge, they must not be as unreliable as they have been.

Theresa White
Theresa White

A dedicated film critic with over a decade of experience, specializing in indie cinema and blockbuster analysis.