What's Changed Since the Newcastle Takeover?
Eddie Howe's voice trailed off.
"I recall strolling through the training ground when we came up that initial period," stated the team's manager last week. "It was…"
Howe was not becoming sentimental, but reflecting on the efforts needed to enhance the club's tired Benton headquarters following his appointment almost four years back.
Newcastle had recently been acquired by a Saudi-led consortium in a multi-million pound transaction.
The club had been dubbed the richest in the world by observers, but the reality on the ground was quite distinct as they battled relegation.
In a planning application to improve the facility a short time after, it was noted the training complex fell "well under the Premier League and perhaps even Championship standards".
The facility has since been updated with hydrotherapy and cold pools, a new canteen, a athletes' relaxation space and bigger dressing rooms, among other amenities, but it is the team that has been completely revolutionized since then.
So what has evolved since the takeover and why didn't the wealth of Newcastle's owners automatically mean more achievements and honours?
Further Improvements Required but Things Will Change
Matt Ritchie felt it.
He understood what could happen if Howe "got hold of them" and "had some firepower", after previously working with the manager at Bournemouth.
"Upon my initial joining, I would discuss Eddie Howe and Bournemouth," said the veteran attacker, who played for Newcastle between 2016 and 2024.
"The lads would say, 'come on, drop it, he couldn't be that good'. But I'd tell them there was complete thoroughness."
"I felt delighted that they got to sample it. Without firsthand exposure, you can't fully appreciate you have never worked like that before. It's the attention to detail, the preparation and the desire to improve - all the elements that make Newcastle what they are now."
It has not all been plain sailing, of course, since Howe's arrival or the takeover a few weeks prior.
Newcastle, presently mid-table in the top division, missed out on a several objectives during a exhausting transfer period and sold forward Alexander Isak to Liverpool for a British record £125m.
The club lack a technical director after Paul Mitchell departed in June, following less than a year in the post.
And the wait continues for updates concerning the development of St James' Park and construction of a new state-of-the-art training ground.
But this is a team that ended a 70-year drought to claim a significant cup back in March after winning the Carabao Cup by defeating Liverpool.
They have qualified for the Champions League in two of the past three seasons - achieving their largest victory in the competition against Union Saint-Gilloise this week - and only Manchester City, Liverpool and Arsenal have accumulated more points in the Premier League since Howe took charge.
"Significant transformation just in terms of the overall atmosphere of the club," added Howe. "Of course, the team has changed. Inevitably, teams develop and transform over time."
"The way we're working behind the scenes as a football club is totally different but, also, if you examine the training ground here, there have been major enhancements. That's what the club required and continues to need."
"Further development is necessary, but progress will occur and gradually evolve over time. It's exciting times for the football club."
Attempting to Close Huge Revenue Gap
Newcastle have also grown off the field.
Revenue is projected to rise from £140m in 2021 to more than £400m when the club's latest accounts are published in the coming months, while staff numbers have more than doubled to 550 in the past few seasons.
There has been substantial investment in the academy and the women's team, while hundreds of millions have been pumped into the club to help with day-to-day running costs.
But one query outsiders might be asking is why the wealth of their Saudi owners hasn't produced more achievements.
Though fresh acquisitions have arrived - around £100m after deductions was spent in the summer - this has been a moderately paced development.
"Because the new ownership were so wealthy, theoretically, a lot of people made an assumption that they were going to buy the way to the top," stated a Newcastle fan analyst.
"Yes, Newcastle have brought in some top-class players like Bruno Guimaraes and Sandro Tonali, but the progress of current team members and the acquisition of players like Dan Burn from the region to strengthen that connection around the club has been significant and crucial."
Such an strategy has been influenced by Profit and Sustainability Rules (PSR), which limit deficits to £105m over a rolling three-year period, so finding a way to create additional flexibility will be crucial for Newcastle.
For perspective, Manchester United may have experienced their worst campaign in more than four decades last season, but the club still generated historic income of £666.5m.
Digging deeper, Manchester United brought in £333.3m worth of sponsorship revenue and £160.3m in gate receipts.
Newcastle, by contrast, raised £83.6m and £50.1m respectively in their latest financial statements from 2023-24.
Acquisition 'Increased' Competitors' Worries
Manchester United have not always made the most of their huge income streams, of course.
But, traditionally, the sides who spend more on wages accumulate the most points per game in the Premier League.
Earlier challengers like Manchester City and Chelsea were able to dominate competitors with superior packages before the present regulations were introduced in 2013.
But Newcastle 'only' had the eighth largest salary bill in the Premier League just a couple of seasons ago and the club came mightily close to a PSR breach in June 2024 following years of uneven financial management.
"I'm uncertain these are unintended consequences of the rules," said a sports financial analyst. "The cynical perspective of the Premier League is that the clubs at the top didn't want another City or Chelsea to emerge. This is a way of establishing a glass ceiling."
Newcastle are going to have to do things a little differently - and that has been evident since the takeover.
In fact, an unnamed executive previously approached the Premier League on behalf of his club and 10 others amid apprehension Newcastle could secure lucrative sponsorship deals with Saudi Arabian companies.
He asked that notification was provided of a vote to implement a short-term ban on related-party transactions just shortly following the buy-out in 2021.
This senior figure openly admitted the Newcastle takeover "heightened" worries and "prompted teams to demand measures" when he was later questioned by Manchester City's legal team.
Nobody Should Justify Saudi Human Rights Record
The associated party transaction rules have been revised and continue to apply.
But Newcastle's recently appointed chief executive, David Hopkinson, has set out to find ways to unlock the club's "untapped business opportunities".
That has been expected to associate Tom Pistore, who collaborated with the Canadian at Maple Leaf Sports & Entertainment.
"Our group under his leadership were always attempting to concentrate on how do we keep progressing?" he said. "Maintaining current state keeps you stuck so it was about continuing to be creative in business and partnership relationships, innovation, digital and ticketing."
"As the landscape changed, David was always very progressive with a inquisitive nature in new concepts. Leading edge, but not experimental were terms we often talked about in watching someone have the first stab at something and then having a thorough assessment."
Hopkinson, who formerly held positions as president and chief operating officer at Madison Square Garden Sports and head of global partnerships at Real Madrid, wants to establish Newcastle "among the world's elite".
That remains the future goal of chairman Yasir Al-Rumayyan, the governor of the Saudi Arabian Public Investment Fund (PIF) - who own a majority stake in the club - as well as co-investor Jamie Reuben.
But a human rights campaigner said "success and trophies are diverting attention from executions and repression" after a record 345 people were executed in Saudi Arabia last year.
"This was never just about football," he added. "It's about leveraging the worldwide reputation of the Premier League to cleanse a problematic rights situation."
A local MP was the first to admit she "would not select Saudi Arabia as the owners of the club".
However, she emphasized supporters were the "last people who get to choose".
"When you make it all about money, which the Premier League have, those with the greatest wealth will ultimately acquire the great clubs like Newcastle United," she said.
"But no-one should be expected to defend, support, or rationalize Saudi Arabia's human rights record."
