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Eddie Howe isn't typically given to dramatics or sweeping media statements. Based on his usual demeanor, his press conference following Sunday’s loss to West Ham qualifies as a furious outburst. His side scored first but West Ham took the lead by half-time, while also striking the woodwork and having a penalty revoked by VAR, prompting Howe to execute a three substitutions at the half-time.

“The opening period was particularly irritating,” the coach stated. “I almost could have taken anyone off and I believe that was a reflection of our performance level in that moment in the game and it's extremely uncommon for me to have that impression. In fact, I don’t think I have since I’ve been manager of the club, therefore I believed the team needed some shaking up at half-time. This explains why I did those decisions.”

Anthony Gordon, Nick Woltemade and Emil Krafth all came off at the interval and the team did stabilise somewhat in the latter period, without ever really looking like they might get back into the contest against a side that had won only one of their last nine fixtures. Given the congestion the middle of the table is, with just three points separating the top spots from mid-table, and a nine-point margin between the upper and lower ranks, a sequence of 12 points from 10 games has not left the Magpies stranded but, equally, they must not end the campaign in 13th.

The Issue of Perception

The problem to an extent is one of public view. In the Saudi Public Investment Fund, the club possess the richest owners in the world. The assumption when the Saudi fund acquired 80% of the team in 2021 was that it would bring a game-changing impact, similar to Roman Abramovich achieved at Stamford Bridge or Sheikh Mansour had at Manchester City. The difference is that those two owners assumed control before the advent of FFP regulations (while the current allegations against Manchester City concern whether they violated those regulations once they were in place).

Profit and sustainability restrictions restrict the ability of owners, however rich, to spend money on their squads and so in that sense likely would have hindered every Middle Eastern attempt to raise Newcastle to the standard of City. However it wasn't necessary for the club's expenditure to have been quite as cautious as it has; they might have invested further and remained within the limit – or simply taken a relatively meagre Uefa fine given their big issue is primarily with the European than the Premier League regulation.

Infrastructure Spending and PSR Rules

Additionally, stadium development is exempted from PSR assessments; the easiest method to increase revenue to generate more PSR headroom would be to extend or renovate the arena. Given the site of the home ground, with protected structures on multiple sides, practically that likely implies constructing an entirely new stadium. Rumors circulated in March of potentially making the nearby relocation to a local park – opposition from community organizations might have been overcome with a promise to create a new park on the existing stadium site – but there has been no movement on that proposal. There has been significant retrenchment from the Saudi fund on a range of initiatives as it shifts focus on domestic affairs; the approach to the football club appears completely in keeping with that change of approach.

The Alexander Isak Situation

The star striker saga was born of that tension. A more confident leadership could have framed his transfer as essential to free up funds for further spending; instead there was a vain attempt to keep him. That meant the team began the season amidst a sense of frustration despite the signings of several new players. The start was mixed: one win in their initial six fixtures.

Yet it seemed a turning point had been turned. They secured five in six before the weekend, a run that included demolitions of a Belgian side and a Portuguese club in the European competition. That’s why the display against the Hammers was such a shock. The issue perhaps is that the team's approach is very aggressive, very high-octane; a minor decrease in energy can have profound consequences. Perhaps the strain of domestic, Champions League and Carabao Cup competition, five fixtures in 15 days, had got to them. The German forward started each of those games and appeared especially weary.

Reality of Modern Soccer

That’s the nature of today's the sport. Managers have to be ready to rotate. Howe has been unlucky that the forward's fitness issue has left him lacking attacking options but, regardless of how valid the explanations, Sunday’s performance was unacceptable –especially after taking the lead at a ground ready to turn on its home team.

The Newcastle boss will wish it was just a blip, an off-day when everybody is off-colour simultaneously, but if Newcastle are to qualify for the Champions League in the future, not to mention eventually mount an actual championship bid, they must not be as inconsistent as they have been.