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Eddie Howe is not given to dramatics or grand media statements. So by his standards, his press conference following the weekend's 3-1 defeat counts as a furious tirade. Newcastle took an early lead but the opposition were ahead by the interval, while also striking the woodwork and seeing a spot-kick revoked by VAR, prompting Howe to execute a three substitutions at the break.

“That was the frustrating thing about the first half,” the coach said. “I almost could have taken anyone off and I think this indicated of our performance level at that stage in the game and it’s very, very rare for me to feel that way. In fact, I cannot recall I have since I’ve been manager of the club, therefore I believed the team required some shaking up at the break. That’s why I did what I did.”

Anthony Gordon, Nick Woltemade and Emil Krafth all came off at the interval and Newcastle managed to steady to an extent in the second half, without ever really looking like they could get back into the contest against an opponent that had secured just a single victory of their previous nine league matches. Given the congestion the centre of the table is, with just three points dividing the top spots from mid-table, and nine points between second and 17th, a run of 12 points from ten matches has not left Newcastle stranded but, equally, they must not finish the season in 13th.

The Problem of Perception

The problem to an extent is one of perception. In the Saudi Public Investment Fund, Newcastle possess the wealthiest owners in the globe. The expectation at the time the PIF acquired 80% of the team in 2021 was that it would bring a transformative effect, as Roman Abramovich had at Chelsea or the City Group had at Manchester City. The distinction is that those two investors took over before the introduction of financial fair play regulations (while the current charges against Manchester City concern if they violated those guidelines after they were implemented).

Financial restrictions restrict the capacity of proprietors, however rich, to invest funds on their squads and therefore probably might have slowed any Saudi effort to elevate Newcastle to the standard of City. But there is no need for Newcastle’s spending to have been quite as cautious as it has been; they might have invested further and stayed inside the limit – or simply taken a relatively meagre Uefa fine since their big issue is more with the European than the Premier League regulation.

Infrastructure Spending and PSR Rules

Besides which, infrastructure spending is exempted from PSR assessments; the simplest method to raise income to create additional financial headroom would be to expand or redevelop the arena. Given the location of the home ground, with listed buildings on multiple sides, practically that probably implies building an completely new stadium. Rumors circulated in spring of potentially undertaking the nearby relocation to a local park – resistance from community organizations might have been overcome with a promise to build a replacement green space on the existing stadium site – but there has not been no movement on that plan. There has been significant cutbacks from the Saudi fund on a variety of initiatives as it shifts focus on local investments; 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 conflict. A bolder leadership could have portrayed his sale as essential to release funds for additional spending; instead there was a vain effort to keep him. That meant the team began the season amidst a feeling of disappointment despite the signings of several new players. The start was indifferent: a single victory in their first six fixtures.

But it appeared a corner had been turned. They secured five victories in six matches prior to Sunday, a streak that included convincing wins of a Belgian side and a Portuguese club in the European competition. That’s why the performance against West Ham was so surprising. The issue perhaps is that the team's approach is very aggressive, high-energy; a slight drop-off in intensity can have significant consequences. Maybe the pressure of domestic, Champions League and cup competition, five fixtures in a fortnight, had taken its toll. Woltemade started each of those matches and looked particularly weary.

The Nature of Modern Soccer

That’s the reality of today's football. Managers must be ready to make changes. The manager has been unlucky that the forward's injury has left him short of attacking options but, no matter how valid the explanations, Sunday’s showing was inexcusable –particularly following scoring first at a stadium primed to criticize its home team.

Howe will wish it was just a blip, an off-day when everybody is below par simultaneously, but if the Magpies are to secure the Champions League next season, let alone eventually mount an genuine title challenge, they must not be as inconsistent as they have been.