What has Changed Since the Newcastle Acquisition?
The manager's words faded.
"I recall strolling through the practice facility when we came up that initial period," remarked the Newcastle United head coach last week. "It was…"
Howe was not suddenly getting misty-eyed, but considering the efforts needed to improve the club's dated Benton base following his appointment nearly four years ago.
Newcastle had not long been acquired by a investment group from Saudi Arabia in a multi-million pound transaction.
The club had been labeled the richest in the world by observers, but the reality on the ground was rather different as they fought relegation.
In a proposal to improve the facility a few months later, it was noted the training facility fell "well under the Premier League and perhaps even Championship standards".
The base has since been updated with hydrotherapy and plunge pools, a new canteen, a athletes' relaxation space and bigger dressing rooms, among other features, but it is the team that has been truly transformed since then.
So what has changed since the takeover and why didn't the financial power of Newcastle's owners guarantee more success and trophies?
'We Need More but Progress Will Come'
Matt Ritchie sensed it.
He understood what could happen if Howe "took charge" and "possessed attacking talent", after having collaborated with the manager at Bournemouth.
"Upon my initial joining, I would discuss Eddie Howe and Bournemouth," said the 36-year-old winger, who played for Newcastle between 2016 and 2024.
"The lads would say, 'enough, drop it, he couldn't be that good'. But I'd tell them there was no stone left unturned."
"I was so pleased that they experienced it. Without firsthand exposure, you don't truly believe you have never worked like that before. It's the meticulous planning, the preparation and the drive for betterment - all the things that make Newcastle what they are now."
It has not been entirely smooth, of course, since Howe's appointment or the takeover a few weeks prior.
Newcastle, currently 15th in the Premier League, failed to secure a several objectives during a draining summer window and sold forward Alexander Isak to Liverpool for a British record £125m.
The club do not have a sporting director after Paul Mitchell left in June, following under twelve months in the post.
And the delay persists for announcements concerning the development of St James' Park and construction of a modern training facility.
But this is a team that broke a 70-year drought to claim a significant cup back in March after winning the Carabao Cup by beating Liverpool.
They have secured entry to the Champions League in multiple recent campaigns - recording their biggest win in the competition against Union Saint-Gilloise this week - and only Manchester City, Liverpool and Arsenal have picked up more points in the Premier League since Howe assumed control.
"Significant transformation just in terms of the general feeling of the club," continued Howe. "Of course, the squad has evolved. Inevitably, teams develop and transform over time."
"Our operational methods behind the scenes as a football club is completely transformed but, also, if you examine the training ground here, there have been big improvements. That's what the club required and continues to need."
"Further development is necessary, but things will change and gradually evolve over time. It's a promising period for the football club."
Attempting to Close Significant Income Disparity
Newcastle have also grown off the field.
Revenue is set to increase from £140m in 2021 to upward of £400m when the club's latest accounts are released later this season, while staff numbers have more than doubled to 550 in the past few seasons.
There has been substantial investment in the youth system and the women's team, while substantial sums have been pumped into the club to help with operational expenses.
But one question observers may pose is why the financial resources of their Saudi owners hasn't produced more achievements.
Though new signings have arrived - around £100m after deductions was invested in the summer - this has been a moderately paced development.
"Because the new ownership were so wealthy, theoretically, a lot of people presumed that they were going to purchase success," stated a Newcastle fan analyst.
"Yes, Newcastle have brought in some excellent internationals like Bruno Guimaraes and Sandro Tonali, but the development of existing squad players and the acquisition of players like Dan Burn from the region to bolster that connection around the club has been massive and really important."
Such an strategy has been influenced by Profit and Sustainability Rules (PSR), which restrict losses to £105m over a rolling three-year period, so discovering methods to create additional flexibility will be crucial for Newcastle.
For perspective, Manchester United may have experienced their poorest season in more than four decades last season, but the club still generated historic income of £666.5m.
Digging deeper, Manchester United earned £333.3m worth of commercial income and £160.3m in gate receipts.
Newcastle, by contrast, generated £83.6m and £50.1m correspondingly in their latest financial statements from 2023-24.
Buy-out 'Heightened' Rivals' Concerns
Manchester United have not necessarily made the most of their substantial revenue sources, of course.
But, traditionally, the sides who spend more on wages pick up the most points per game in the Premier League.
Previous disruptors like Manchester City and Chelsea were able to dominate competitors with better financial offers before the present regulations were implemented in 2013.
But Newcastle 'only' had the eighth largest salary bill in the Premier League just a few years back and the club came extremely near to a PSR breach in June 2024 following years of imbalanced trading.
"I'm not necessarily sure these are unforeseen results of the rules," said a football finance expert. "The cynical perspective of the Premier League is that the clubs at the top wished to prevent another City or Chelsea to emerge. This is a way of creating a limitation."
Newcastle are going to have to operate a little differently - and that has been clear since the takeover.
In fact, an unnamed executive previously contacted the Premier League on behalf of his club and multiple teams amid apprehension Newcastle could enter into lucrative sponsorship deals with Saudi Arabian companies.
He asked that notification was provided of a vote to introduce a short-term ban on related-party transactions just shortly following the buy-out in 2021.
This senior figure openly admitted the Newcastle takeover "increased" worries and "encouraged the clubs to seek action" when he was later cross-examined by Manchester City's legal team.
'No-one Should Excuse Human Rights Situation in Saudi Arabia'
The associated party transaction rules have been updated and continue to apply.
But Newcastle's recently appointed chief executive, David Hopkinson, has aimed to find ways to realize the club's "untapped business opportunities".
That has not come as a surprise to close friend Tom Pistore, who collaborated with the Canadian at Maple Leaf Sports & Entertainment.
"Our group under his leadership were always trying to focus on how do we continue to evolve?" he said. "Status quo keeps you stuck so it was about continuing to be creative in business and partnership relationships, innovation, digital and ticketing."
"With industry evolution, David was always very forward facing with a curious interest in new concepts. Innovative, but not bleeding edge were terms we often talked about in watching someone have the first stab at something and then having a proper evaluation."
Hopkinson, who previously served as president and chief operating officer at Madison Square Garden Sports and head of global partnerships at Real Madrid, wants to establish Newcastle "with global top clubs".
That remains the long-term ambition of chairman Yasir Al-Rumayyan, the governor of the Saudi Arabian Public Investment Fund (PIF) - who hold controlling interest in the club - as well as fellow owner Jamie Reuben.
But a human rights campaigner said "success and trophies are distracting from human rights issues" after a historic number were executed in Saudi Arabia last year.
"This extended beyond football," he added. "It's about leveraging the worldwide reputation of the Premier League to cleanse a brutal human rights record."
A political representative was the initial to acknowledge she "wouldn't choose Saudi Arabia as the owners of the club".
However, she emphasized supporters were the "last people who get to choose".
"With financial prioritization, which the Premier League have, those with the greatest wealth will ultimately acquire the prestigious teams like Newcastle United," she said.
"However, nobody ought to defend, stand up for, or excuse Saudi Arabia's human rights record."
