Why Saudi Investment Has Not Turned The Magpies into Title Contenders

The Newcastle manager is not given to dramatics or sweeping public statements. Based on his standards, his media briefing after the weekend's 3-1 defeat counts as a angry outburst. Newcastle scored first but West Ham took the lead by the interval, as well as hitting the post and seeing a spot-kick revoked by VAR, prompting Howe to execute a triple change at the break.

“The opening period was particularly irritating,” Howe stated. “I almost could have taken anyone off and I believe that was a reflection of where we were at that stage during the match and it’s very, very rare for me to feel that way. In fact, I don’t think having done so since I’ve been head coach of the club, so I felt the squad required some shaking up at half-time. This explains why I did what I did.”

Three key players all came off at the interval and Newcastle did stabilise somewhat in the latter period, but never appearing like they might get back into the game against an opponent that had won only one of their last nine fixtures. Given the congestion the centre of the standings currently is, with just three points separating third from 11th, 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 13th.

The Issue of Perception

The challenge to an extent is one of perception. In the Saudi Public Investment Fund, the club possess the wealthiest backers in the world. The assumption at the time the Saudi fund acquired a majority stake of the team in recent years was that it would bring a transformative effect, as Roman Abramovich had at Chelsea or Sheikh Mansour had at Manchester City. The distinction is that those two owners took over prior to the introduction of FFP rules (and the current allegations against Manchester City concern if they breached those guidelines once they were implemented).

Profit and sustainability restrictions restrict the capacity of owners, however rich, to invest funds on their teams and so in that sense likely might have slowed every Saudi effort to elevate Newcastle to the level of Manchester City. But there is no need for Newcastle’s expenditure to have been so restrained as it has been; they could have invested further and stayed inside the threshold – or simply taken a relatively meagre European penalty given their major problem is more with the European than the domestic regulation.

Infrastructure Investment and PSR Regulations

Besides which, stadium development is exempted from Profit and Sustainability assessments; the simplest way to increase revenue to generate more PSR flexibility would be to expand or renovate the arena. Given the location of St James’ Park, with listed buildings on two sides, in reality that likely means constructing an entirely new stadium. There was talk in spring of potentially making the nearby relocation to a local park – opposition from local groups could surely have been surmounted with a promise to build a replacement green space on the current ground location – but there has not been no movement on that proposal. There has occurred substantial retrenchment from the Saudi fund on a range of projects as it refocuses on local investments; the attitude to Newcastle appears completely in keeping with that change of approach.

The Alexander Isak Saga

The star striker saga was born of that tension. A more confident leadership could have portrayed his transfer as necessary to release funds for further investment; rather there was a unsuccessful attempt to retain him. That meant Newcastle began the season amidst a feeling of frustration even with the acquisitions of several new players. The opening was mixed: a single victory in their initial six games.

Yet it seemed a corner was reached. They had won five in six before the weekend, a run that included demolitions of a Belgian side and Benfica in the Champions League. This explains the display against the Hammers was such a shock. The issue perhaps is that the team's approach is extremely intense, very high-octane; a slight drop-off in intensity can have profound consequences. Maybe the strain of domestic, Champions League and Carabao Cup matches, five fixtures in a fortnight, had got to them. The German forward featured in all five matches and appeared particularly weary.

The Nature of Contemporary Soccer

That’s the reality of today's football. Coaches have to be ready to rotate. The manager has been unlucky that Wissa’s fitness issue has left him lacking forward choices but, no matter how valid the reasons, Sunday’s performance was unacceptable –especially after taking the lead at a ground ready to turn on its own side.

The Newcastle boss will hope it was just a blip, one of those days when everybody is below par simultaneously, but if the Magpies are to secure the European competition in the future, not to mention one day launch an genuine championship bid, they must not be as unreliable as this.