The Reasons Middle Eastern Investment Hasn't Transformed The Magpies into Championship Contenders

Eddie Howe is not prone to dramatics or grand public statements. So by his usual demeanor, his press conference following the weekend's loss to West Ham counts as a furious tirade. Newcastle scored first but West Ham were ahead by the interval, as well as striking the woodwork and having a penalty overturned by VAR, leading Howe to make a triple change at the half-time.

“The opening period was particularly irritating,” Howe said. “Virtually any player could have been substituted and I believe that was a reflection of where we were at that stage in the game and it's extremely uncommon for me to have that impression. Actually, I cannot recall having done so since I’ve been head coach of the club, therefore I believed the squad required a significant change at the break. This explains why I made what I did.”

Three key players were substituted at half-time and the team managed to steady somewhat in the latter period, without ever really looking like they could fight back into the game against a side that had won only one of their previous nine league matches. Considering how packed the centre of the table is, with just three points separating the top spots from mid-table, and a nine-point margin between the upper and lower ranks, a sequence of 12 points from ten matches has not left the Magpies adrift but, similarly, they cannot finish the season in thirteenth place.

The Problem of Expectations

The challenge partially is one of perception. In the Saudi Public Investment Fund, the club have the wealthiest backers in the world. The expectation at the time the PIF acquired 80% of the team in recent years was that it would have a game-changing impact, similar to Roman Abramovich had at Chelsea or Sheikh Mansour did at the Etihad. The difference is that those two owners assumed control before the introduction of FFP rules (and the current allegations against Manchester City relate to if they violated those regulations once they were in place).

Profit and sustainability regulations limit the capacity of proprietors, however rich, to spend money on their squads and therefore likely might have hindered any Middle Eastern attempt to elevate the team to the level of City. However there is no need for Newcastle’s expenditure to have been quite as cautious as it has; they might have invested further and stayed inside the threshold – or simply taken a relatively meagre Uefa fine given their big issue is primarily with the European than the Premier League rules.

Infrastructure Investment and Financial Rules

Additionally, infrastructure spending is exempted from PSR assessments; the simplest way to raise income to generate additional financial flexibility would be to expand or renovate the arena. Given the site of St James’ Park, with protected structures on two sides, practically that likely means constructing an entirely new venue. There was talk in spring of potentially undertaking the nearby relocation to Leazes Park – opposition from community organizations might have been surmounted with a promise to create a new park on the existing stadium site – but there has not been any progress on that proposal. There has occurred significant retrenchment from the Saudi fund on a variety of projects as it shifts focus on domestic affairs; the attitude to the football club seems entirely in keeping with that strategic shift.

Player Sales Situation

The Alexander Isak saga was born of that conflict. A more confident leadership could have portrayed his sale as essential to free up funds for further spending; rather there was a vain effort to keep him. This resulted in Newcastle started the campaign amidst a feeling of disappointment even with the signings of Woltemade, Yoane Wissa, Jacob Ramsey, Malick Thiaw and Anthony Elanga. The opening was mixed: a single victory in their initial six games.

But it appeared a turning point was reached. They had won five in six before the weekend, a run that included demolitions of a Belgian side and a Portuguese club in the Champions League. This explains the display against West Ham was such a shock. The problem perhaps is that the team's style is extremely intense, high-energy; a slight drop-off in energy can have profound effects. Maybe the pressure of domestic, European and Carabao Cup competition, five fixtures in a fortnight, had got to them. The German forward started all five matches and appeared especially weary.

Reality of Contemporary Football

This is the nature of today's football. Coaches must be ready to rotate. The manager has been unlucky that the forward's fitness issue has meant he is short of attacking options but, regardless of how valid the reasons, Sunday’s showing was unacceptable –especially after taking the lead at a ground ready to turn on its home team.

The Newcastle boss will hope it was merely a temporary setback, one of those days when all players is off-colour simultaneously, but if the Magpies are to qualify for the European competition in the future, not to mention eventually mount an genuine championship bid, they cannot be as unreliable as they have been.