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Eddie Howe is not given to histrionics or grand public pronouncements. So by his standards, his media briefing after Sunday’s loss to West Ham qualifies as a angry outburst. His side scored first but West Ham took the lead by the interval, while also hitting the post and seeing a spot-kick overturned by VAR, leading Howe to execute a three substitutions at the half-time.

“That was the frustrating thing about the first half,” Howe said. “I almost could have taken anyone off and I think this indicated of where we were in that moment in the game and it’s very, very rare for me to feel that way. Actually, I cannot recall having done so since I’ve been manager of the club, so I felt the squad required some shaking up at the break. This explains why I did what I did.”

Anthony Gordon, Nick Woltemade and Emil Krafth all came off at half-time and the team did stabilise to an extent in the second half, but never appearing like they might get back into the game against a side that had secured just a single victory of their last nine league matches. Considering the congestion the centre of the table is, with just three points dividing third from 11th, and a nine-point margin between the upper and lower ranks, a sequence of 12 points from ten matches has not placed Newcastle adrift but, equally, they must not end the campaign in thirteenth place.

The Problem of Expectations

The challenge partially is one of perception. In the Saudi Public Investment Fund, the club possess the wealthiest owners in the world. The expectation when the Saudi fund acquired 80% of the team in 2021 was that it would have a transformative effect, as the former Chelsea owner had at Chelsea or the City Group did at the Etihad. The distinction is that both of those investors took over prior to the advent of FFP rules (and the ongoing allegations against City relate to whether they breached those regulations once they were implemented).

Profit and sustainability restrictions limit the capacity of owners, no matter how wealthy, to invest funds on their teams and therefore likely might have hindered any Saudi effort to raise the team to the level of City. But it wasn't necessary for Newcastle’s spending to have been so restrained as it has been; they could have invested further and stayed inside the limit – or just accepted a fairly minor European fine given their big problem is primarily with the European than the Premier League regulation.

Stadium Spending and PSR Rules

Besides which, infrastructure spending is exempted from PSR calculations; the simplest way to increase revenue to generate additional financial headroom would be to expand or redevelop the stadium. Considering the site of St James’ Park, with protected structures on two sides, in reality that probably means constructing an entirely new stadium. Rumors circulated in spring of possibly undertaking the nearby relocation to Leazes Park – opposition from local groups might have been overcome with a promise to build a new park on the current ground location – but there has not been no movement on that plan. There has been substantial retrenchment from the Saudi fund on a variety of initiatives as it shifts focus on local investments; the approach to Newcastle appears completely in alignment with that change of approach.

The Alexander Isak Situation

The Alexander Isak episode was born of that conflict. A more confident leadership might have portrayed his sale as necessary to free up funds for additional investment; rather there was a vain effort to retain him. That meant the team started the campaign amid a sense of frustration despite the signings of Woltemade, Yoane Wissa, Jacob Ramsey, Malick Thiaw and Anthony Elanga. The opening was indifferent: one win in their first six games.

But it appeared a corner had been turned. They secured five victories in six matches before Sunday, a streak that featured demolitions of Union Saint-Gilloise and Benfica in the Champions League. That’s why the display against the Hammers was such a shock. The problem perhaps is that Newcastle’s style is extremely intense, high-energy; a minor decrease in energy can have profound effects. Maybe the pressure of Premier League, European and cup matches, five fixtures in 15 days, had taken its toll. Woltemade featured in each of those games and looked especially fatigued.

The Nature of Modern Football

That’s the nature of today's football. Coaches have to be prepared to rotate. Howe has been unfortunate that Wissa’s fitness issue has meant he is lacking forward choices but, regardless of how valid the reasons, the weekend's showing was unacceptable –especially following taking the lead at a ground primed to criticize its own side.

Howe will wish it was merely a temporary setback, an off-day when everybody is off-colour simultaneously, but if Newcastle are to secure the European competition in the future, not to mention eventually mount an genuine title challenge, they cannot be as unreliable as this.