Why Saudi Money Hasn't Turned Newcastle into Championship Contenders
Eddie Howe isn't typically prone to histrionics or sweeping public pronouncements. Based on his usual demeanor, his press conference following the weekend's 3-1 defeat counts as a furious outburst. His side took an early lead but the opposition were ahead by the interval, while also hitting the post and having a penalty overturned by VAR, prompting Howe to make a triple change at the break.
“That was the frustrating thing about the first half,” the coach said. “Virtually any player could have been substituted and I think that was a reflection of where we were in that moment during the match and it's extremely uncommon for me to have that impression. Actually, I don’t think having done so since I’ve been head coach of Newcastle, therefore I believed the team required some shaking up at half-time. This explains why I made what I did.”
Three key players all came off at the interval and the team did stabilise to an extent in the latter period, but never appearing like they could fight back into the game against a side that had won only one of their last nine league matches. Given the congestion the centre of the table is, with just three points separating the top spots from mid-table, and nine points between second and 17th, a sequence of 12 points from 10 games has not placed the Magpies adrift but, equally, they must not finish the season in 13th.
The Problem of Perception
The challenge partially is one of perception. In the Saudi Public Investment Fund, Newcastle have the richest backers in the globe. The expectation at the time the PIF acquired a majority stake of the club in recent years was that it would have a game-changing impact, as Roman Abramovich achieved at Stamford Bridge or Sheikh Mansour had at Manchester City. The distinction is that both of those owners took over prior to the advent of FFP rules (while the ongoing allegations against City relate to whether they breached those regulations after they were in place).
Financial regulations limit the capacity of owners, however rich, to invest funds on their teams and therefore probably would have hindered any Saudi effort to raise the team to the level of Manchester City. However it wasn't necessary for Newcastle’s spending to have been quite as cautious as it has; they might have spent more and stayed inside the threshold – or simply taken a relatively meagre Uefa fine since their major problem is more with the European than the Premier League regulation.
Infrastructure Investment and Financial Rules
Additionally, infrastructure spending is exempted from PSR assessments; the simplest method to increase revenue to generate additional PSR headroom would be to expand or redevelop the stadium. Considering the location of St James’ Park, with protected structures on two sides, practically that likely means building an entirely new venue. Rumors circulated in March of potentially undertaking the nearby relocation to a local park – resistance from local groups might have been overcome with a commitment to create a replacement green space on the existing ground location – but there has not been any progress on that proposal. There has occurred substantial cutbacks from the Saudi fund on a range of initiatives as it refocuses on local investments; the attitude to the football club appears completely in alignment with that strategic shift.
The Alexander Isak Saga
The star striker saga was arose from that tension. A more confident management could have framed his transfer as necessary to free up capital for further spending; instead there was a vain attempt to retain him. This resulted in the team began the season amidst a feeling of disappointment even with the signings of several new players. The start was mixed: one win in their initial six games.
Yet it appeared a turning point was reached. They had won five in six before the weekend, a run that featured convincing wins of a Belgian side and a Portuguese club in the Champions League. That’s why the performance against West Ham was so surprising. The problem perhaps is that the team's approach is very aggressive, high-energy; a minor decrease in energy can have profound consequences. Maybe the strain of Premier League, Champions League and cup matches, five games in 15 days, had got to them. Woltemade featured in all five matches and appeared particularly weary.
The Nature of Contemporary Football
That’s the reality of modern football. Managers have to be prepared to rotate. The manager has been unfortunate that Wissa’s injury has left him short of attacking options but, no matter how reasonable the explanations, the weekend's performance was inexcusable –particularly following scoring first at a ground primed to criticize its own side.
Howe will hope it was merely a temporary setback, one of those days when everybody is below par simultaneously, but if Newcastle are to secure the European competition in the future, let alone one day mount an genuine title challenge, they cannot be as unreliable as this.