For the first 18 months, it had all looked so simple for the Saudi Arabian-led consortium who had taken over as owners of Premier League club Newcastle United in a deal worth £305 million.
The club's trajectory was quickly heading upward after the appointment of Eddie Howe as manager in November 2021. Newcastle rose out of the relegation zone up to mid-table security, followed by a fourth-place finish the following campaign, booking a return to Uefa Champions League football.
Backed by Saudi Arabia's Public Investment Fund (PIF), Howe's squad had been improved every transfer window with the likes of Kieran Trippier, Bruno Guimaraes, Sven Botman and Alexander Isak arriving at St James' Park as statement signings that significantly lifted the quality of the team's starting XI.
The following season was a reality check as the club suffered regular body blows on and off the pitch; from key summer signing Sandro Tonali's ban for breaking betting rules, a nightmare injury list, a group-stage Champions League exit, and highly respected sporting director Dan Ashworth being lured away by Manchester United.
They even missed out on European football despite finishing seventh when Manchester City fell to a surprise FA Cup final defeat to Manchester United, who claimed a Europa League spot, knocking Chelsea down to the Europa Conference League, in turn costing Newcastle their spot.
“When I look back on this season I'll only have good memories,” said Howe after the final game of the season. “Some really challenging moments when we had to dig deep but the players never let me down. I think it's been a season of progression … but that has to continue.”
Those final words have proven to be key as maintaining the club's progression might well be the biggest challenge Howe has faced since taking over as manager following a summer of discontent on Tyneside.
In July, the surprise exits of minority shareholders Amanda Staveley and Mehrdad Ghodoussi – who had been instrumental in sealing the deal to buy out previous owner Mike Ashley and were the consortium's public faces – were announced as PIF increased its stake in the club to 85 per cent.
“I am devastated,” said Staveley in an interview with The Athletic. "[My] preference would have been to stay, but life doesn’t always work out exactly how you want it to … it’s got to be about what’s best for Newcastle.”
But it has been the shadow of the Premier League's Profit and Sustainability Rules (PSR) that has rocked the Magpies, who have spent around £400m since the takeover was completed but have now made no major signings for two transfer windows.
The alarm bells were ringing back in January when chief executive Darren Eales admitted that player sales would be considered in the next phase of the club project: “If we're going to get to where we want to get to, at times it is necessary to trade your players.”
That month, the likes of captain Trippier, winger Miguel Almiron and striker Callum Wilson were all linked with moves away. “Every Premier League club will sell players now because of the rules placed upon them,” Howe conceded. “Selling players is vital to being able to bring players in the other way.”
While January sales were avoided, there would be no escape over the summer when Newcastle were forced to offload two talented young players to Premier League rivals: 21-year-old Elliot Anderson went to Nottingham Forest (£35m) and Yankuba Minteh, 20, to Brighton (£30m) ahead of the PSR accounting deadline.
“I would’ve loved to have kept them – they are two outstanding young players and really disappointed to lose them both,” said Howe. “But, we were backed into a corner … it was as good an outcome as we could have hoped for.”
The sales meant Newcastle had kept hold of their crown jewels in midfielder Guimaraes, striker Isak and winger Anthony Gordon, although the latter is reported to have been unsettled when he was offered to Liverpool as the club scrambled to meet PSR targets.
Only free transfer Lloyd Kelly and £15m forward Will Osula have been brought in, although full-back Lewis Hall made his loan move from Chelsea permanent in a £28m deal. The long-running chase to bring in England defender Marc Guehi from Crystal Palace ended in failure as did a late bid to sign Nottingham Forest winger Anthony Elanga.
And fans' frustration has grown over the summer, particularly towards Eales and Paul Mitchell, Ashworth's replacement as sporting director, who have been in charge of transfer negotiations with Howe taking a step back.
But Mitchell insisted in a media conference on Wednesday that Newcastle avoided punishment for overspending and not recouping anything back in sales “by the skin of our teeth”, adding that the club would not be held to ransom over potential transfers.
“It's about setting precedents to the market that we will pay fair value for the right profile,” he said. “It shouldn't be misconceived as a lack of ambition. If we just spend, spend, spend once again, we become accountable to that by fines and points deductions, and that isn't good leadership, you're being negligent.”
As it is, Newcastle have made a decent start to the new season results-wise by going undefeated from their opening four games – two wins and draw in the league, beating Nottingham Forest on penalties in the League Cup – but would have had few complaints if they had lost them all.
“It's been a turbulent time for the club off the pitch throughout this last transfer window,” said Howe after their fortunate 2-1 over Tottenham Hotspur last Sunday. “But that's shut now, so hopefully we can just concentrate on the football and get the players playing as well as they can.”
