Why Middle Eastern Money Has Not Turned The Magpies into Championship Challengers
Eddie Howe isn't typically given to dramatics or grand media pronouncements. Based on his standards, his media briefing after Sunday’s 3-1 defeat counts as a furious outburst. Newcastle took an early lead but the opposition took the lead by half-time, as well as hitting the post and having a penalty overturned by VAR, leading Howe to execute a triple change at the break.
“That was the frustrating thing about the first half,” Howe said. “I almost could have taken anyone off 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, so I felt the squad 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 the team managed to steady somewhat in the second half, without ever really looking like they might fight back into the contest against an opponent that had won only one of their last nine fixtures. Considering how packed the centre of the standings is, with a mere three-point gap dividing third from 11th, and a nine-point margin between second and 17th, a run of 12 points from 10 games has not placed Newcastle adrift but, equally, they cannot end the campaign in 13th.
The Issue of Expectations
The challenge to an extent is one of perception. With the Saudi PIF, the club possess the wealthiest backers in the globe. The expectation at the time the PIF bought a majority stake of the club in 2021 was that it would have a game-changing impact, as the former Chelsea owner had at Chelsea or the City Group did at the Etihad. The difference is that those two investors took over before the advent of FFP rules (and the current allegations against City concern whether they breached those regulations once they were implemented).
Profit and sustainability restrictions restrict the ability of owners, no matter how wealthy, to spend money on their teams and therefore probably would have slowed any Saudi attempt to elevate Newcastle to the level of 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 remained within the limit – or simply taken a fairly minor European penalty given their major issue is primarily with the continental than the domestic regulation.
Infrastructure Spending and PSR Regulations
Additionally, infrastructure spending is exempted from Profit and Sustainability calculations; the easiest method to increase revenue to create more financial flexibility would be to expand or renovate the arena. Considering the site of the home ground, with protected structures on multiple sides, in reality that likely implies building an completely new venue. There was talk in spring of potentially undertaking the nearby relocation to a local park – opposition from local groups could surely have been overcome with a promise to build a replacement green space on the current stadium site – but there has been no movement on that plan. There has been substantial cutbacks from the Saudi fund on a variety of projects as it refocuses on domestic affairs; the attitude to Newcastle seems entirely in alignment with that change of approach.
Player Sales Saga
The star striker episode was arose from that tension. A more confident management might have portrayed his transfer as necessary to free up capital for further spending; instead there was a unsuccessful effort to keep him. That meant the team began the season amidst a feeling of frustration despite the signings of several new players. The start was mixed: one win in their first six games.
Yet it seemed a corner had been turned. They had won five victories in six matches prior to Sunday, a streak that included convincing wins of a Belgian side and a Portuguese club in the European competition. That’s why the performance against West Ham was such a shock. The issue perhaps is that the team's style is very aggressive, very high-octane; a slight drop-off in energy can have significant consequences. Maybe the strain of Premier League, European and cup matches, five fixtures in 15 days, had taken its toll. Woltemade featured in each of those matches and looked particularly weary.
The Nature of Contemporary Soccer
This is the nature of modern football. Managers must be prepared to make changes. Howe has been unfortunate that Wissa’s fitness issue has left him lacking attacking options but, no matter how valid the explanations, Sunday’s performance was unacceptable –especially following scoring first at a stadium ready to criticize its home team.
Howe will wish it was merely a temporary setback, an off-day when all players is off-colour at once, but if Newcastle are to qualify for the Champions League in the future, not to mention one day launch an genuine championship bid, they must not be as inconsistent as they have been.