The Reasons Middle Eastern Investment Hasn't Transformed Newcastle into Title Challengers

Eddie Howe isn't typically given to histrionics or sweeping public statements. Based on his standards, his press conference following the weekend's 3-1 defeat counts as a furious tirade. His side took an early lead but the opposition took the lead by the interval, as well as striking the woodwork and seeing a spot-kick overturned by VAR, prompting Howe to execute 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 believe this indicated of our performance level in that moment during the match and it's extremely uncommon for me to have that impression. Actually, I cannot recall having done so since I’ve been manager of Newcastle, so I felt the squad needed a significant change at the break. That’s why I did those decisions.”

Anthony Gordon, Nick Woltemade and Emil Krafth were substituted at the interval and the team did stabilise somewhat in the latter period, but never appearing like they could fight back into the game against an opponent that had won only one of their previous nine league matches. Given how packed the centre of the standings currently is, with a mere three-point gap separating the top spots from mid-table, and a nine-point margin between second and 17th, a sequence of 12 points from ten matches has not placed the Magpies adrift but, equally, they must not end the campaign in thirteenth place.

The Problem of Perception

The challenge to an extent is one of public view. With the Saudi PIF, Newcastle have the richest backers in the world. The expectation at the time the Saudi fund bought 80% of the club in recent years was that it would have a game-changing impact, as the former Chelsea owner achieved at Stamford Bridge or the City Group did at the Etihad. The distinction is that those two owners assumed control prior to the advent of financial fair play regulations (and the current charges against City concern if they breached those guidelines once they were implemented).

Financial restrictions restrict the capacity of owners, no matter how wealthy, to spend money on their squads and therefore likely would have hindered any Middle Eastern effort to raise Newcastle to the standard of City. But it wasn't necessary for the club's spending to have been quite as cautious as it has been; they might have invested further and remained within the threshold – or simply taken a relatively meagre Uefa penalty given their big issue is primarily with the continental than the domestic rules.

Stadium Spending and Financial Regulations

Additionally, infrastructure spending is exempted from Profit and Sustainability calculations; the easiest method to increase revenue to create more financial headroom would be to expand or renovate the stadium. Considering the site of St James’ Park, with listed buildings on two sides, practically that probably implies constructing an entirely new venue. There was talk in March of possibly 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 ground location – but there has been any progress on that proposal. There has been significant retrenchment from the PIF on a range of projects as it refocuses on local investments; the attitude to the football club seems entirely in alignment with that strategic shift.

The Alexander Isak Situation

The Alexander Isak episode was born of that conflict. A bolder leadership could have portrayed his sale as necessary to free up capital for additional investment; instead there was a vain attempt to keep him. That meant Newcastle started the campaign amid a sense of disappointment even with the signings of Woltemade, Yoane Wissa, Jacob Ramsey, Malick Thiaw and Anthony Elanga. The opening was indifferent: one win in their first six games.

Yet it appeared a turning point was reached. They had won five in six before Sunday, a streak that included demolitions of Union Saint-Gilloise and a Portuguese club in the European competition. This explains the performance against the Hammers was so surprising. The issue perhaps is that Newcastle’s approach is very aggressive, high-energy; a minor decrease in energy can have profound consequences. Perhaps the strain of domestic, Champions League and cup matches, five games in a fortnight, had got to them. The German forward featured in each of those games and looked particularly weary.

The Nature of Modern Football

That’s the nature of today's the sport. Coaches have to be prepared to rotate. The manager has been unlucky that the forward's injury has left him short of attacking options but, regardless of how reasonable the reasons, the weekend's showing was inexcusable –particularly after taking the lead at a ground ready to turn on its home team.

Howe will wish it was just a blip, one of those days when everybody is below par at once, but if the Magpies are to secure the Champions League in the future, not to mention one day mount an genuine championship bid, they must not be as unreliable as this.