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Eddie Howe is not prone to histrionics or sweeping media pronouncements. So by his standards, his media briefing after Sunday’s loss to West Ham qualifies as a furious outburst. His side took an early lead but the opposition were ahead by half-time, as well as striking the woodwork and having a penalty revoked by VAR, prompting Howe to execute a three substitutions at the half-time.

“That was the frustrating thing about the first half,” the coach said. “I almost could have taken anyone off and I believe that was a reflection of our performance level at that stage in the game and it's extremely uncommon for me to feel that way. In fact, I cannot recall having done so during my tenure as manager of Newcastle, therefore I believed the team needed a significant change at the break. This explains why I made what I did.”

Three key players all came off at half-time and Newcastle managed to steady somewhat in the latter period, without ever really looking like they might fight back into the game against an opponent that had won only one of their previous nine league matches. Considering how packed the middle of the table currently is, with just three points dividing third from 11th, and a nine-point margin between second and 17th, a run of twelve points from 10 games has not placed the Magpies stranded but, similarly, they cannot finish the season in 13th.

The Issue of Perception

The problem partially is one of public view. In the Saudi Public Investment Fund, Newcastle have the wealthiest backers in the world. The assumption when the Saudi fund bought a majority stake of the team in 2021 was that it would bring a game-changing impact, as Roman Abramovich achieved at Stamford Bridge or the City Group did at the Etihad. The difference is that those two investors assumed control before the advent of FFP regulations (while the current allegations against Manchester City concern if they violated those regulations once they were in place).

Financial restrictions restrict the capacity of proprietors, no matter how wealthy, to invest funds on their teams and therefore likely would have slowed any Middle Eastern effort to elevate Newcastle to the standard of City. But there is no need 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 fairly minor Uefa fine given their big problem is primarily with the continental than the domestic rules.

Infrastructure Investment and PSR Regulations

Besides which, stadium development is exempted from PSR calculations; the simplest way to raise income to generate more financial headroom would be to expand or renovate the stadium. Given the location of St James’ Park, with listed buildings on two sides, practically that probably means building an completely new stadium. Rumors circulated in spring of potentially making the nearby relocation to Leazes Park – opposition from local groups could surely have been surmounted with a promise to build a new park on the existing stadium site – but there has not been no movement on that proposal. There has been significant retrenchment from the Saudi fund on a variety of projects as it shifts focus on domestic affairs; the attitude to Newcastle seems completely in keeping with that change of approach.

The Alexander Isak Saga

The Alexander Isak saga was born of that tension. A more confident leadership could have portrayed his transfer as essential to release funds for additional investment; rather there was a vain effort to retain him. That meant the team began the season amid a feeling of frustration even with the signings of Woltemade, Yoane Wissa, Jacob Ramsey, Malick Thiaw and Anthony Elanga. The opening was mixed: a single victory in their initial six games.

Yet it seemed a corner had been turned. They had won five victories in six matches before Sunday, a run that included demolitions of a Belgian side and a Portuguese club in the Champions League. That’s why the display against West Ham was so surprising. The problem maybe is that Newcastle’s approach is extremely intense, high-energy; a slight drop-off in intensity can have significant effects. Maybe the strain of Premier League, Champions League and Carabao Cup matches, five fixtures in a fortnight, had got to them. The German forward featured in all five matches and looked particularly fatigued.

Reality of Modern Soccer

That’s the nature of modern football. Coaches must be prepared to make changes. Howe has been unlucky that Wissa’s fitness issue has meant he is lacking forward choices but, regardless of how valid the explanations, the weekend's showing was inexcusable –particularly following scoring first at a stadium ready to turn on its home team.

The Newcastle boss will wish it was just a blip, an off-day when all players is off-colour at once, but if the Magpies are to qualify for the European competition next season, not to mention eventually mount an actual title challenge, they must not be as inconsistent as this.