Why Middle Eastern Investment Has Not Turned Newcastle into Championship Contenders

Eddie Howe isn't typically prone to histrionics or grand public pronouncements. So by his standards, his press conference after the weekend's loss to West Ham counts as a furious tirade. His side scored first but West Ham took the lead by half-time, while also striking the woodwork and having a penalty overturned by VAR, prompting Howe to make a triple change at the half-time.

“That was the frustrating thing about the first half,” Howe said. “Virtually any player could have been substituted and I believe that was a reflection of where we were 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, so I felt the squad required a significant change at half-time. That’s why I made what I did.”

Three key players all came off at the interval and the team did stabilise somewhat in the latter period, but never really looking like they could fight back into the contest against a side that had won only one of their previous nine league matches. Considering how packed the middle of the table is, with just three points dividing third from 11th, and a nine-point margin between the upper and lower ranks, a run of twelve points from ten matches has not left Newcastle adrift but, equally, they must not end the campaign in 13th.

The Issue of Expectations

The problem to an extent is one of public view. In the Saudi Public Investment Fund, Newcastle have the richest backers in the world. The expectation at the time the Saudi fund acquired 80% of the club in recent years was that it would have a game-changing impact, as Roman Abramovich achieved at Stamford Bridge or the City Group did at the Etihad. The difference is that those two owners took over before the advent of financial fair play regulations (while the current charges against City relate to whether they breached those regulations once they were implemented).

Financial restrictions restrict the ability of proprietors, however rich, to invest funds on their squads and therefore likely might have slowed any Saudi effort to elevate Newcastle to the standard of City. But there is no need for the club's expenditure to have been quite as cautious as it has been; they could have spent more and remained within the threshold – or simply taken a relatively meagre European fine given their big problem is more with the European than the Premier League rules.

Stadium Spending and Financial Regulations

Besides which, stadium development is exempted from Profit and Sustainability calculations; the easiest method to raise income to generate additional financial flexibility would be to extend or redevelop the arena. Given the location of the home ground, with protected structures on two sides, in reality that probably means constructing an entirely new stadium. There was talk in spring of potentially undertaking the nearby relocation to Leazes Park – resistance from community organizations could surely have been surmounted with a promise to create a new park on the current ground location – but there has been no movement on that plan. There has occurred substantial cutbacks from the Saudi fund on a variety of initiatives as it shifts focus on local investments; the attitude to the football club appears completely in alignment with that change of approach.

Player Sales Situation

The star striker episode was born of that conflict. A bolder management might have framed his sale as essential to free up funds for additional spending; rather there was a unsuccessful attempt to keep him. That meant the team started the campaign amid a sense of frustration even with the acquisitions of several new players. The opening was indifferent: a single victory in their initial six games.

Yet it appeared a corner had been turned. They secured five in six prior to the weekend, a run that included convincing wins of a Belgian side and Benfica in the Champions League. That’s why the display against West Ham was such a shock. The issue maybe is that Newcastle’s approach is extremely intense, high-energy; a minor decrease in energy can have profound consequences. Maybe the pressure of Premier League, European and Carabao Cup competition, five games in a fortnight, had taken its toll. Woltemade started each of those matches and appeared particularly weary.

The Nature of Contemporary Soccer

That’s the reality of today's the sport. Coaches have to be ready to rotate. Howe has been unlucky that the forward's injury has meant he is short of attacking options but, regardless of how reasonable the explanations, the weekend's performance was inexcusable –especially following scoring first at a stadium ready to criticize its own side.

Howe will hope 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 in the future, let alone eventually mount an genuine championship bid, they must not be as inconsistent as this.