Where Did Newcastle's Ambitions Go?

In late 2024, just months before Newcastle United's modern-era peak, club chairman Yasir Al-Rumayyan delivered a speech at the Future Investment Initiative Institute in Riyadh. It's safe to say Newcastle's 2-1 loss to Chelsea a few days prior wasn't on the agenda. Al-Rumayyan spoke of "endless horizons" and the myriad challenges facing Saudi Arabia and the world. He highlighted the opportunities presented by artificial intelligence, as well as the threat of climate change.

His most striking comments concerned a shift in focus for Saudi Arabia's Public Investment Fund (PIF), which he has governed since 2019. He stated that over the previous decade, international investments had been a primary focus for the fund, which acquired stakes in companies like Walt Disney Company, Uber, and Facebook, as well as Newcastle United. However, he declared, "now we are more focused on the domestic economy." At the time, his words received little attention in sports pages. They were largely forgotten as Newcastle embarked on a remarkable run that saw them qualify for the Champions League and reach the League Cup final – the club's first trophy opportunity since 1969. Yet, the statement certainly resonated with some on Tyneside.

Weeks earlier, The Athletic published an assessment of PIF's first three years at Newcastle. Chris Waugh and George Caulkin highlighted areas of progress, but one sentence, in retrospect, stands out. They mentioned that some within the club were "concerned that Saudi Arabia's priorities had shifted towards domestic investment," adding that there was "frustration at the slow pace of their multi-process structure." Furthermore, PIF had suddenly and drastically increased its attention on the Saudi Pro League. Could these two incredibly ambitious football projects truly coexist?

To reiterate – this was in 2024, long before Alexander Isak, Anthony Gordon, Sandro Tonali, and Bruno Guimarães decided their futures lay elsewhere. Long before the painful rejections of leading transfer targets this summer – Yoann Manzambi and Victor Muñoz opting for Aston Villa and Liverpool respectively – and last summer, when Liam Delap and João Pedro chose Chelsea, Matheus Cunha, Bryan Mbeumo, and Benjamin Šeško preferred Manchester United, and Hugo Ekitike went to Liverpool. Long before the accumulated frustration wore down head coach Eddie Howe, making him feel he had taken the club as far as he could, before his departure was confirmed on Friday afternoon.

When Newcastle appointed Howe in November 2021, a month after the club's acquisition by the PIF-led consortium, it seemed he would be the architect of the first phase of the new era – climbing from the bottom of the Premier League and laying the groundwork for what would follow. Then – as almost invariably happens after an acquisition of this magnitude – the pace of development would be deemed insufficient, and the second phase would be entrusted to a more renowned coach to deliver the success demanded by the owners. Events unfolded differently. The initial expectations following the Newcastle deal, fueled by Saudi Arabia's wealth and ambition, gradually gave way to a more prosaic reality. The club was constrained not only by financial rules – which is undeniable – but also by a lack of stability, focus, vision, and genuine drive from the highest levels of management.

Some will dispute such a claim. They will point to the dramatic shift in investment, commercial revenue, and most notably, the mood after the bleak, cold, and stagnant period under Mike Ashley's ownership. Under Ashley, Newcastle was relegated twice and was confidently heading for a third relegation before PIF arrived and appointed Howe, who first saved the team and subsequently led them to much greater success. Anyone can see the difference between the Newcastle of the PIF era and the shell of a club the fund acquired in 2021 after 14 years of stagnation under Ashley. However, there is also a distinct difference between the self-confidence immediately after the takeover – the talk of a "superclub," the enthusiastic plans for the stadium and training ground, and the ambitions to compete for and eventually win all major trophies – and the last two years. During this period, the project seemed to lose momentum and perhaps risked veering off course even before Isak's shocking decision last summer and the subsequent on-field retreat.

Cost control rules account for a large part of the story. The same goes for the fact that the established Premier League elite quickly tightened these regulations during the Newcastle takeover process, introducing much stricter controls on commercial deals with "associated parties." Unlimited spending on a scale that renders competition meaningless – as Chelsea and Manchester City did after their acquisitions by Roman Abramovich and Sheikh Mansour respectively in the first decade of the century – is simply not possible in the era of financial regulations.

However, Newcastle's progress is largely built upon the decisions and foundations laid immediately after the change of ownership – the appointment of Howe and the recruitment of Kieran Trippier, Bruno Guimarães, Nick Pope, Sven Botman, Isak, Gordon, Tonali, and Harvey Barnes. The club's success rate in these first four transfer windows appears even more impressive when considering that new management regimes often act inconsistently during this period – especially when under significant pressure to quickly build a strong team from a difficult starting position. Anyone reviewing Newcastle's progress around the third anniversary of the takeover – including The Athletic, when analyzing the club's development on that occasion – reached the same conclusions. The foundations were laid, and it was now necessary for the movement to continue onward and upward – not only on the pitch but also through business expansion, improved scouting, planning for future changes in key personnel, and progress on stadium and training ground projects.

In late 2023, Newcastle initiated a stadium feasibility study to determine whether St. James' Park should be redeveloped or a new facility built. In August 2024, Chief Operating Officer Brad Miller stated that a report "regarding the next steps and the direction we will take" was forthcoming. In October 2024, the club presented the results – both options were being carefully evaluated – and announced hopes of reaching a "decision-making stage" in early 2025. We are now in the second half of 2026, and clarity remains elusive.

Work has also not begun on a new training ground, which was another immediate priority after the takeover. In January, The Athletic revealed that the club had finally identified a site for a new modern complex in Woolsington, near Newcastle International Airport, but again, it took years to reach that point. No one imagined that when the first-team training base in Benton underwent a long-overdue renovation in 2022, it would need to be updated again in 2026, with no long-term solution yet chosen.

The momentum around the women's team – another widely advertised priority after the deal – also seems to have waned, with the team finishing mid-table in the second division of the Women's Super League last season.

In early 2023, PIF held preliminary talks about investing in various other European clubs, most notably Belgian side KV Oostende. The goal was to create a multi-club model, similar to those used by Red Bull, City Football Group, BlueCo, and other companies. This project has also yet to materialize.

The loss of momentum can partly be explained by unwelcome disruptions – the departure of CEO Darren Eales for health reasons and the lack of strategic continuity at the highest level following sporting director Dan Ashworth's move to Manchester United in 2024. Under different circumstances, the Isak crisis might have been handled more calmly and skillfully. Instead, new CEO David Hopkinson and sporting director Ross Wilson arrived only after the chaotic summer transfer window had already inflicted its damage. In some respects, there's an element of bad luck here, but it was hard to shake the feeling of a project left adrift. Hopkinson and Wilson brought a renewed focus to broader club projects and football strategy, respectively. However, so many of the initiatives now claimed to be in development should have been priorities when the protracted takeover process finally concluded almost five years ago.

In this context, it seems remarkable that the first phase of the Newcastle project proved so successful. Like Aston Villa, the club ended a decades-long trophy drought and twice qualified for the Champions League with a budget that could be described as suitable for the Europa League (in The Athletic's opinion). Also like Villa, Newcastle experienced immense frustration with rules that put them at a competitive disadvantage against the established Premier League elite – something again illustrated in the transfer market this summer.

However, these rules – or at least most of them – existed when PIF acquired the club. So, what was the plan? The plan was to invest in the club and accelerate its development in various areas – stadium, training ground, commercial operations, player recruitment, and eventually a multi-club network with Newcastle at its apex. The goal was to reach a level where the accumulated momentum would fuel further development.

The plan was incredibly ambitious. The margin for error in the first year was so small that the team could realistically have been relegated. The progress immediately after the takeover – from last place in the Premier League at the end of 2021 to fourth position and Champions League qualification the following season – gave impetus and momentum to the project and created a sense among fans that anything was possible.

In the coming days, the club will try to reassure fans that this remains the case, thanks to a new long-term vision and a bold approach focused on young players under the highly-rated young coach Matthias Jaissle. As much sadness as accompanies Howe's departure, the change was necessary. It would not be acceptable for Newcastle to start the new season with a coach who feels he has nothing more to give. The bold statements that will accompany Jaissle's appointment – and perhaps some long-overdue stadium information in the near future – will be met with some caution on Tyneside.

When we revisit Al-Rumayyan's words from late 2024, how they aligned with the feelings of some within the club even then, and the developments over the past two summers, it's hard to avoid the impression that the "Newcastle project" is no longer the same priority for him, for PIF, and for Saudi Arabia.

As for Newcastle, Saudi Arabia's "endless horizons" seem a little narrower these days.

Analysis by Oliver Kay for The Athletic