The Reasons Middle Eastern Investment Hasn't Turned The Magpies into Title Contenders

The Newcastle manager is not given to histrionics or grand media pronouncements. Based on his standards, his press conference after the weekend's 3-1 defeat qualifies as a angry outburst. Newcastle scored first but West Ham took the lead by the interval, while also hitting the post 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 stated. “I almost could have taken anyone off and I think that was a reflection of our performance level in that moment during the match and it's extremely uncommon for me to have that impression. In fact, I cannot recall having done so during my tenure as manager of the club, therefore I believed the team needed some shaking up at the break. That’s why I did those decisions.”

Anthony Gordon, Nick Woltemade and Emil Krafth were substituted at the interval and Newcastle did stabilise to an extent 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 previous nine league matches. Considering how packed the centre of the standings currently is, with just three points dividing the top spots from mid-table, and a nine-point margin between the upper and lower ranks, a run of 12 points from 10 games has not left the Magpies adrift but, similarly, they cannot end the campaign in thirteenth place.

The Issue of Expectations

The challenge to an extent is one of perception. In the Saudi Public Investment Fund, Newcastle have the wealthiest owners 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 game-changing impact, as the former Chelsea owner achieved at Stamford Bridge or the City Group did at the Etihad. The difference is that those two owners took over before the introduction of FFP regulations (while the current allegations against Manchester City relate to if they violated those regulations once they were implemented).

Profit and sustainability restrictions restrict the capacity of proprietors, no matter how wealthy, to invest funds on their squads and therefore likely would have hindered any Middle Eastern attempt to raise Newcastle to the standard of City. But it wasn't necessary for Newcastle’s spending to have been so restrained as it has been; they might have spent more and remained within the threshold – or simply taken a relatively meagre European fine since their big problem is primarily with the European than the domestic rules.

Stadium Spending and PSR Rules

Besides which, infrastructure spending is excluded from Profit and Sustainability calculations; the easiest way to increase revenue to generate additional financial flexibility would be to extend or renovate the arena. Considering the location of St James’ Park, with listed buildings on multiple sides, practically that likely implies building an completely new stadium. Rumors circulated in March of potentially undertaking the short move to a local park – opposition from community organizations could surely have been surmounted with a promise to create a new park on the current ground location – but there has been any progress on that plan. There has occurred substantial retrenchment from the Saudi fund on a variety of projects as it refocuses on local investments; the attitude to the football club appears entirely in alignment with that change of approach.

Player Sales Situation

The star striker saga was arose from that tension. A more confident leadership might have framed his sale as necessary to release capital for additional spending; instead there was a unsuccessful attempt to retain him. That meant the team started the campaign amid a feeling of disappointment despite the signings of several new players. The opening was mixed: a single victory in their first six fixtures.

Yet it seemed a corner had been turned. They secured five victories in six matches before the weekend, a run that featured demolitions of Union Saint-Gilloise and Benfica in the European competition. That’s why the display against the Hammers was such a shock. The problem maybe is that Newcastle’s style is extremely intense, very high-octane; a minor decrease in energy can have profound effects. Perhaps the strain of Premier League, European and cup competition, five games in 15 days, had taken its toll. The German forward started all five matches and appeared especially weary.

The Nature of Modern Soccer

This is the reality of today's football. Coaches have to be prepared to make changes. Howe has been unfortunate that Wissa’s injury has left him short of attacking options but, no matter how valid the explanations, the weekend's performance was inexcusable –particularly following taking the lead at a ground ready to criticize its home team.

The Newcastle boss will wish it was merely a temporary setback, one of those days when everybody is below par at once, but if Newcastle are to secure the European competition in the future, not to mention eventually launch an actual championship bid, they must not be as inconsistent as they have been.