The Reasons Saudi Investment Has Not Turned The Magpies into Title Challengers
Eddie Howe isn't typically given to dramatics or sweeping public pronouncements. So by his standards, his press conference following Sunday’s loss to West Ham counts as a furious outburst. Newcastle scored first but West Ham took the lead by the interval, as well as hitting the post and having a penalty overturned by VAR, leading Howe to execute a three substitutions at the half-time.
“The opening period was particularly irritating,” the coach said. “Virtually any player could have been substituted and I think this indicated of our performance level in that moment in the game and it’s very, very rare for me to have that impression. In fact, I don’t think I have since I’ve been head coach of the club, therefore I believed the team needed a significant change at half-time. This explains why I did those decisions.”
Anthony Gordon, Nick Woltemade and Emil Krafth all came off at the interval and Newcastle managed to steady to an extent in the second half, but never really looking like they might fight back into the contest against a side that had secured just a single victory of their previous nine league matches. Considering the congestion the middle of the table is, with just three points dividing the top spots from mid-table, and nine points between second and 17th, a run of 12 points from ten matches has not left Newcastle stranded but, similarly, they must not finish the season in thirteenth place.
The Problem of Expectations
The challenge to an extent is one of perception. In the Saudi Public Investment Fund, Newcastle possess the richest owners in the world. The expectation when the Saudi fund bought 80% of the team in 2021 was that it would bring a transformative effect, as Roman Abramovich achieved at Stamford Bridge or the City Group had at Manchester City. The difference is that both of those investors assumed control before the advent of financial fair play rules (while the ongoing allegations against Manchester City concern whether they violated those guidelines after they were in place).
Profit and sustainability restrictions limit the ability of owners, however rich, to spend money on their squads and therefore probably might have hindered every Middle Eastern attempt to elevate Newcastle to the standard of Manchester City. But there is no need for Newcastle’s expenditure to have been so restrained as it has been; they might have invested further and remained within the limit – or simply taken a relatively meagre Uefa penalty since their major problem is primarily with the continental than the domestic regulation.
Stadium Investment and PSR Regulations
Besides which, stadium development is excluded from Profit and Sustainability calculations; the simplest way to raise income to generate additional PSR flexibility would be to extend or renovate the stadium. Given the location of the home ground, with listed buildings on two sides, practically that likely means constructing an entirely new venue. There was talk in spring of potentially undertaking the short move to a local park – opposition from community organizations could surely have been overcome with a promise to build a replacement green space on the current stadium site – but there has not been no movement on that proposal. There has been substantial cutbacks from the PIF on a range of initiatives as it refocuses on domestic affairs; the attitude to Newcastle appears completely in alignment with that change of approach.
Player Sales Saga
The Alexander Isak episode was arose from that conflict. A bolder leadership could have framed his transfer as necessary to free up funds for further investment; instead there was a vain effort to keep him. This resulted in the team started the campaign amid a feeling of frustration despite the signings of several new players. The start was mixed: one win in their initial six games.
But it seemed a turning point was reached. They secured five victories in six matches prior to Sunday, a streak that featured demolitions of a Belgian side and a Portuguese club in the Champions League. That’s why the display against West Ham was so surprising. The issue perhaps is that the team's style is extremely intense, very high-octane; a minor decrease in energy can have profound effects. Maybe the pressure of domestic, European and cup matches, five games in a fortnight, had got to them. The German forward featured in all five games and appeared particularly fatigued.
Reality of Contemporary Football
That’s the nature of today's football. Coaches have to be ready to rotate. The manager has been unfortunate that the forward's injury has left him short of attacking options but, regardless of how reasonable the reasons, the weekend's showing was unacceptable –particularly following scoring first at a ground ready to turn on its own side.
Howe will hope it was merely a temporary setback, an off-day when everybody is below par at once, but if Newcastle are to qualify for the European competition in the future, let alone eventually launch an genuine title challenge, they must not be as inconsistent as this.