The Reasons Saudi Investment Hasn't Transformed The Magpies into Championship Contenders
Eddie Howe is not prone to dramatics or sweeping media statements. Based on his usual demeanor, his media briefing after Sunday’s loss to West Ham counts as a angry tirade. Newcastle scored first but West Ham were ahead by the interval, while also hitting the post and having a penalty revoked by VAR, leading Howe to make a triple change at the half-time.
“The opening period was particularly irritating,” the coach stated. “Virtually any player could have been substituted and I think this indicated of our performance level at that stage in the game and it's extremely uncommon for me to have that impression. Actually, I cannot recall I have during my tenure as head coach of Newcastle, therefore I believed the squad needed a significant change at the break. That’s why I made those decisions.”
Three key players were substituted 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 game against an opponent that had won only one of their previous nine league matches. Considering the congestion the centre of the table is, with a mere three-point gap dividing the top spots from mid-table, and a nine-point margin between second and 17th, a run of 12 points from 10 games has not left the Magpies stranded but, equally, they must not end the campaign 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 wealthiest owners in the globe. The assumption when the Saudi fund bought a majority stake of the team in 2021 was that it would have a transformative effect, similar to Roman Abramovich achieved at Stamford Bridge or the City Group 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 Manchester City relate to if they breached those guidelines after they were implemented).
Financial restrictions limit the ability of owners, no matter how wealthy, to spend money on their teams and so in that sense likely might have hindered any Middle Eastern effort to raise Newcastle to the standard of Manchester City. But there is no need for the club's expenditure 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 fine given their major issue is more with the European than the domestic regulation.
Stadium Investment and Financial Regulations
Besides which, stadium development is exempted from Profit and Sustainability assessments; the simplest method 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, practically that probably implies building an entirely new venue. Rumors circulated in spring of potentially making the nearby relocation to Leazes Park – opposition from local groups could surely have been overcome with a commitment to build a new park on the current stadium site – but there has not been no movement on that proposal. There has occurred substantial cutbacks from the PIF on a variety of initiatives as it shifts focus on domestic affairs; the approach to Newcastle appears completely in alignment with that change of approach.
Player Sales Saga
The star striker saga was born of that conflict. A more confident leadership might have portrayed his transfer as essential to free up capital for additional investment; instead there was a vain effort to keep him. This resulted in Newcastle started the campaign amidst a feeling of disappointment even with the acquisitions of several new players. The start was mixed: a single victory in their initial six games.
But it appeared a turning point had been turned. They had won five in six prior to the weekend, a run that featured convincing wins of Union Saint-Gilloise and Benfica in the Champions League. This explains the display against West Ham was so surprising. The issue perhaps is that the team's style is very aggressive, high-energy; a slight drop-off in intensity can have significant effects. Maybe the pressure of Premier League, European and cup competition, five fixtures in a fortnight, had taken its toll. Woltemade started each of those games and looked particularly weary.
Reality of Contemporary Soccer
This is the reality of today's the sport. Coaches must be ready to rotate. Howe has been unlucky that the forward's fitness issue has left him short of attacking options but, no matter how valid the reasons, Sunday’s showing was unacceptable –particularly after scoring first at a ground ready to turn on 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 the Magpies are to qualify for the Champions League in the future, let alone eventually launch an actual championship bid, they must not be as inconsistent as this.