Why Saudi Investment Hasn't Turned The Magpies into Championship Contenders

The Newcastle manager is not given to dramatics or grand public pronouncements. Based on his usual demeanor, his media briefing following the weekend's 3-1 defeat counts as a furious tirade. His side took an early lead but West Ham took the lead by the interval, as well as hitting the post and seeing a spot-kick overturned by VAR, prompting Howe to execute a three substitutions at the break.

“The opening period was particularly irritating,” Howe said. “Virtually any player could have been substituted and I think this indicated of where we were in that moment in the game and it’s very, very rare for me to feel that way. Actually, I don’t think I have during my tenure as head coach of the club, therefore I believed the team required a significant change at the break. That’s why I did those decisions.”

Anthony Gordon, Nick Woltemade and Emil Krafth all came off at the interval and Newcastle managed to steady somewhat in the latter period, without ever really looking like they could get back into the game against a side that had secured just a single victory of their previous nine league matches. Given the congestion the centre of the table currently is, with just three points dividing third from 11th, and a nine-point margin between second and 17th, a run of twelve points from ten matches has not placed Newcastle adrift but, equally, they cannot end the campaign in thirteenth place.

The Issue of Expectations

The problem to an extent is one of public view. In the Saudi Public Investment Fund, the club have the richest owners in the globe. The expectation when the PIF acquired 80% of the team in recent years was that it would have a transformative effect, similar to the former Chelsea owner achieved at Stamford Bridge or Sheikh Mansour did at the Etihad. The difference is that those two investors assumed control before the introduction of financial fair play rules (and the current charges against Manchester City concern whether they breached those regulations after they were implemented).

Financial restrictions limit the capacity of owners, no matter how wealthy, to spend money on their teams and so in that sense probably would have slowed every Saudi effort to elevate the team to the standard of Manchester City. However there is no need for the club's expenditure to have been quite as cautious as it has been; they might have invested further and stayed inside the limit – or simply taken a relatively meagre Uefa fine since their major problem is primarily with the continental than the domestic rules.

Infrastructure Investment and Financial Rules

Additionally, stadium development is exempted from PSR assessments; the easiest way to increase revenue to create additional financial flexibility would be to expand or renovate the arena. Given the site of the home ground, with protected structures on multiple sides, in reality that probably implies building an completely new stadium. Rumors circulated in March of potentially undertaking the nearby relocation to a local park – resistance from local groups might have been surmounted with a promise to create a replacement green space on the existing ground location – but there has not been no movement on that plan. There has been significant retrenchment from the PIF on a range of projects as it shifts focus on local investments; the attitude to the football club appears completely in keeping with that strategic shift.

Player Sales Situation

The Alexander Isak episode was born of that conflict. A bolder leadership could have portrayed his transfer as essential to release funds for additional spending; rather there was a unsuccessful effort to retain him. This resulted in Newcastle began the season amidst a feeling of frustration despite the signings of Woltemade, Yoane Wissa, Jacob Ramsey, Malick Thiaw and Anthony Elanga. The start was mixed: one win in their initial six fixtures.

Yet it seemed a turning point had been turned. They secured five victories in six matches before Sunday, a run that featured convincing wins of Union Saint-Gilloise and a Portuguese club in the Champions League. This explains the display against the Hammers was so surprising. The issue perhaps is that the team's style is very aggressive, high-energy; a slight drop-off in energy can have significant consequences. Maybe the strain of domestic, European and Carabao Cup competition, five games in a fortnight, had got to them. Woltemade started each of those matches and appeared especially weary.

The Nature of Contemporary Soccer

This is the nature of today's football. Managers must be prepared to rotate. The manager has been unfortunate that Wissa’s injury has meant he is short of forward choices but, regardless of how valid the explanations, the weekend's showing was inexcusable –especially after taking the lead at a ground ready to criticize its home team.

Howe will wish it was just a blip, one of those days when all players is off-colour at once, but if Newcastle are to qualify for the European competition next season, not to mention one day launch an actual championship bid, they cannot be as inconsistent as they have been.