Why Saudi Money Hasn't Transformed Newcastle into Title Contenders

Eddie Howe isn't typically prone to histrionics or sweeping public statements. So by his standards, his press conference after Sunday’s 3-1 defeat counts as a angry tirade. His side took an early lead but West Ham were ahead by the interval, as well as hitting the post and having a penalty revoked by VAR, leading Howe to make a triple change at the break.

“That was the frustrating thing about the first half,” Howe 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 having done so since I’ve been manager of Newcastle, therefore I believed the squad required a significant change at the break. This explains why I made those decisions.”

Anthony Gordon, Nick Woltemade and Emil Krafth were substituted at the interval and the team managed to steady to an extent in the second half, but never appearing like they might fight back into the contest against an opponent that had secured just a single victory of their last nine league matches. Considering the congestion the centre of the table is, with just three points separating the top spots from mid-table, and nine points between second and 17th, a sequence of 12 points from 10 games has not left Newcastle stranded but, equally, they cannot end the campaign in 13th.

The Problem of Expectations

The problem to an extent is one of perception. In the Saudi Public Investment Fund, Newcastle have the richest backers in the globe. The expectation at the time the Saudi fund bought 80% of the team in recent years was that it would have a transformative effect, similar to Roman Abramovich had at Chelsea or Sheikh Mansour did at the Etihad. The distinction is that those two owners assumed control prior to the introduction of financial fair play regulations (while the current allegations against Manchester City concern if they violated those guidelines once they were implemented).

Profit and sustainability regulations limit the ability of proprietors, no matter how wealthy, to invest funds on their squads and so in that sense probably might have hindered any Saudi attempt to raise Newcastle to the standard of Manchester City. However there is no need for Newcastle’s spending to have been so restrained as it has; they might have invested further and stayed inside the limit – or simply taken a relatively meagre Uefa penalty given their big problem is primarily with the European than the domestic rules.

Stadium Spending and Financial Regulations

Besides which, infrastructure spending is exempted from Profit and Sustainability assessments; the easiest way to increase revenue to generate additional PSR flexibility would be to extend or redevelop the arena. Given the location of St James’ Park, with listed buildings on multiple sides, practically that probably means building an completely new venue. There was talk in March of potentially making the short move to Leazes Park – opposition from community organizations might have been overcome with a commitment to create a replacement green space on the existing ground location – but there has been no movement on that proposal. There has been substantial retrenchment from the Saudi fund on a range of projects as it shifts focus on local investments; the attitude to the football club appears completely in alignment with that strategic shift.

Player Sales Situation

The Alexander Isak saga was arose from that conflict. A bolder management might have framed his transfer as necessary to free up funds for additional spending; rather there was a vain attempt to keep him. That meant Newcastle began the season amid a sense of frustration even with the signings of several new players. The opening was mixed: a single victory in their first six games.

But it seemed a corner was reached. They secured five in six prior to the weekend, a run that included demolitions of a Belgian side and a Portuguese club in the Champions League. That’s why the performance against West Ham was such a shock. The issue maybe is that the team's style is very aggressive, high-energy; a slight drop-off in energy can have significant consequences. Maybe the pressure of Premier League, Champions League and cup matches, five games in 15 days, had taken its toll. The German forward featured in all five matches and appeared especially fatigued.

Reality of Contemporary Soccer

This is the nature of modern football. Coaches must be ready to rotate. The manager has been unlucky that the forward's fitness issue has meant he is short of attacking options but, no matter how reasonable the reasons, the weekend's showing was inexcusable –especially after taking the lead at a stadium primed to turn on its own side.

Howe will wish it was just a blip, an off-day when everybody is below par at once, but if the Magpies are to qualify for the Champions League next season, let alone eventually mount an actual title challenge, they cannot be as unreliable as this.