The Reasons Saudi Money Has Not Transformed The Magpies into Title Challengers

Eddie Howe isn't typically given to histrionics or sweeping public statements. So by his standards, his press conference after the weekend's loss to West Ham qualifies as a furious tirade. His side scored first but the opposition were ahead by the interval, as well as striking the woodwork and seeing a spot-kick revoked by VAR, leading Howe to make a three substitutions at the half-time.

“That was the frustrating thing about the first half,” the coach said. “Virtually any player could have been substituted and I believe this indicated of our performance level in that moment in the game and it's extremely uncommon for me to have that impression. Actually, I cannot recall I have during my tenure as manager of Newcastle, therefore I believed the team required a significant change at half-time. This explains why I made those decisions.”

Anthony Gordon, Nick Woltemade and Emil Krafth were substituted at half-time and the team managed to steady somewhat in the latter period, without ever really looking like they might get back into the contest against a side that had secured just a single victory of their previous nine fixtures. Given how packed the middle of the table currently is, with a mere three-point gap dividing the top spots from mid-table, and a nine-point margin between second and 17th, a sequence of twelve points from 10 games has not left the Magpies stranded but, equally, they cannot finish the season in thirteenth place.

The Problem of Perception

The problem to an extent is one of perception. In the Saudi Public Investment Fund, the club possess the richest owners in the world. The expectation at the time the Saudi fund bought a majority stake of the team in recent years 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 distinction is that those two investors assumed control before the advent of financial fair play regulations (and the ongoing charges against Manchester City concern if they breached those regulations once they were in place).

Profit and sustainability regulations restrict the capacity of owners, however rich, to spend money on their squads and so in that sense likely might have slowed any Saudi effort to elevate Newcastle to the standard of City. However it wasn't necessary for the club's spending to have been so restrained as it has been; they could have invested further and remained within the threshold – or simply taken a fairly minor European penalty given their major problem is more with the European than the Premier League rules.

Infrastructure Spending and PSR Regulations

Additionally, stadium development is exempted from Profit and Sustainability calculations; the easiest method to raise income to create additional financial flexibility would be to expand or redevelop the stadium. Considering the location of the home ground, with listed buildings on two sides, in reality that probably implies constructing an completely new stadium. Rumors circulated in spring of potentially undertaking the nearby relocation to Leazes Park – opposition from community organizations might have been overcome with a promise to build a new park on the current stadium site – but there has not been no movement on that proposal. There has been substantial cutbacks from the Saudi fund on a variety of projects as it refocuses on local investments; the attitude to the football club seems completely in keeping with that strategic shift.

The Alexander Isak Situation

The star striker episode was born of that tension. A more confident management might have framed his transfer as necessary to release capital for additional spending; rather there was a unsuccessful effort to keep him. This resulted in Newcastle began the season amidst a feeling of disappointment even with the acquisitions of several new players. The start was mixed: a single victory in their first six games.

Yet it appeared a turning point was reached. They secured five in six before Sunday, a run that included demolitions of Union Saint-Gilloise and a Portuguese club in the European competition. This explains the performance against the Hammers was so surprising. The issue maybe is that Newcastle’s style is extremely intense, high-energy; a slight drop-off in intensity can have profound consequences. Maybe the strain of domestic, Champions League and cup competition, five fixtures in 15 days, had taken its toll. The German forward featured in each of those matches and looked particularly fatigued.

The Nature of Contemporary Football

That’s the reality of modern football. Coaches have to be prepared to make changes. Howe has been unlucky that the forward's injury has left him lacking attacking options but, no matter how valid the explanations, the weekend's showing was unacceptable –especially following scoring first at a stadium primed to criticize its home team.

The Newcastle boss will wish it was merely a temporary setback, an off-day when everybody is below par at once, but if the Magpies are to qualify for the European competition next season, let alone one day mount an genuine title challenge, they must not be as unreliable as this.