Why Saudi Investment Has Not Turned Newcastle into Title Challengers

The Newcastle manager isn't typically prone to dramatics or sweeping public statements. So by his standards, his media briefing after the weekend's loss to West Ham counts as a furious tirade. His side scored first but the opposition took the lead by half-time, as well as striking the woodwork and having a penalty revoked by VAR, leading Howe to make a triple change at the half-time.

“That was the frustrating thing about the first half,” the coach said. “I almost could have taken anyone off and I think this indicated of where we were in that moment during the match and it's extremely uncommon for me to feel that way. Actually, I cannot recall having done so since I’ve been head coach of the club, so I felt the team needed some shaking up at half-time. This explains why I did what I did.”

Three key players were substituted at the interval and Newcastle did stabilise to an extent in the latter period, but never really looking like they might fight back into the contest against an opponent that had won only one of their previous nine league matches. Considering the congestion the middle of the standings currently is, with a mere three-point gap separating third from 11th, and a nine-point margin between second and 17th, a run of 12 points from ten matches has not placed Newcastle adrift but, similarly, they must not finish the season in 13th.

The Issue of Expectations

The problem partially is one of public view. In the Saudi Public Investment Fund, Newcastle possess the richest backers in the globe. The expectation when the PIF acquired a majority stake of the team in 2021 was that it would bring a transformative effect, similar to the former Chelsea owner achieved at Stamford Bridge or the City Group had at Manchester City. The distinction is that both of those owners assumed control prior to the introduction of financial fair play rules (while the ongoing charges against Manchester City concern if they breached those guidelines once they were implemented).

Profit and sustainability restrictions limit the ability of proprietors, no matter how wealthy, to spend money on their squads and so in that sense probably would have hindered every Middle Eastern attempt to raise the team to the standard of City. However it wasn't necessary for Newcastle’s expenditure to have been so restrained as it has; they might have spent more and stayed inside the limit – or simply taken a fairly minor European fine given their major problem is more with the continental than the Premier League rules.

Stadium Spending and Financial Regulations

Besides which, infrastructure spending is exempted from PSR calculations; the easiest method to increase revenue to create additional financial headroom would be to extend or renovate the arena. Given the site of the home ground, with listed buildings on multiple sides, practically that probably implies building an completely new stadium. There was talk in March of potentially undertaking the nearby relocation to a local park – opposition from local groups might have been surmounted with a commitment to create a new park on the current ground location – but there has not been any progress on that plan. There has occurred significant cutbacks from the PIF on a range of projects as it shifts focus on local investments; the attitude to the football club seems entirely in alignment with that strategic shift.

Player Sales Saga

The star striker saga was arose from that conflict. A bolder management might have portrayed his sale as essential to release funds for additional spending; rather there was a vain effort to retain him. That meant the team began the season amidst a feeling of disappointment even with the acquisitions of Woltemade, Yoane Wissa, Jacob Ramsey, Malick Thiaw and Anthony Elanga. 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 before Sunday, a run that included demolitions of a Belgian side and a Portuguese club in the European competition. That’s why the display against West Ham was so surprising. The problem perhaps is that the team's approach is very aggressive, very high-octane; a minor decrease in energy can have significant effects. Maybe the pressure of domestic, European and Carabao Cup matches, five fixtures in 15 days, had taken its toll. Woltemade featured in all five matches and looked particularly fatigued.

The Nature of Modern Football

That’s the reality of today's the sport. Managers must be ready to make changes. The manager has been unfortunate that Wissa’s fitness issue has meant he is short of forward choices but, no matter how valid the reasons, Sunday’s showing was inexcusable –particularly following scoring first at a ground ready to turn on its own side.

The Newcastle boss will hope it was just a blip, an off-day when all players is below par simultaneously, but if Newcastle are to secure the European competition in the future, let alone eventually mount an actual championship bid, they must not be as inconsistent as this.

Caroline Jensen
Caroline Jensen

A passionate writer and life coach dedicated to helping others find balance and fulfillment in their daily experiences.

September 2025 Blog Roll