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Eddie Howe's voice trailed off.

"I recall walking around the practice facility when we arrived that first time," stated the team's manager recently. "It was…"

Howe wasn't becoming sentimental, but considering the work needed to enhance the club's tired Benton base following his appointment almost four years back.

Newcastle had not long been acquired by a investment group from Saudi Arabia in a £305m deal.

The club had been labeled the wealthiest in the world by observers, but the situation on the ground was rather different as they fought relegation.

In a planning application to upgrade the facility a short time after, it was noted the training facility fell "significantly below the Premier League and perhaps even Championship standards".

The facility has since been modernised with hydrotherapy and plunge pools, a updated dining area, a athletes' relaxation space and bigger dressing rooms, among other amenities, but it is the team that has been truly transformed since then.

So what has evolved since the takeover and why didn't the wealth of Newcastle's owners guarantee more success and honours?

Further Improvements Required but Progress Will Come'

Matt Ritchie felt it.

He knew what could happen if Howe "took charge" and "had some firepower", after previously working with the manager at Bournemouth.

"When I first arrived, I would discuss Eddie Howe and Bournemouth," said the veteran attacker, who represented Newcastle between 2016 and 2024.

"My teammates would say, 'enough, drop it, he can't have been that good'. But I'd tell them there was complete thoroughness."

"I was so pleased that they experienced it. Until you actually see it and feel it, you can't fully appreciate you have never worked like that before. It's the meticulous planning, the planning and the desire to improve - all the elements that make Newcastle what they are now."

It has not all been plain sailing, of course, since Howe's appointment or the takeover a short time before.

Newcastle, currently mid-table in the top division, failed to secure a several objectives during a exhausting transfer period and lost striker Alexander Isak to Liverpool for a British record £125m.

The club lack a sporting director after Paul Mitchell departed in June, following less than a year in the post.

And the wait continues for updates concerning the development of St James' Park and building of a new state-of-the-art training ground.

But this is a side that ended a seven-decade wait to claim a significant cup back in March after lifting the Carabao Cup by defeating Liverpool.

They have secured entry to the Champions League in two of the past three seasons - recording their largest victory in the competition against Union Saint-Gilloise this week - and only Manchester City, Liverpool and Arsenal have accumulated more points in the Premier League since Howe assumed control.

"A lot has changed just in terms of the general feeling of the club," added Howe. "Naturally, the squad has evolved. Inevitably, teams progress and change over time."

"Our operational methods behind the scenes as a football club is completely transformed but, also, if you examine the training ground here, there have been major enhancements. That's what the club required and continues to need."

"Further development is necessary, but progress will occur and gradually evolve over time. It's a promising period for the football club."

Attempting to Close Huge Revenue Gap

Newcastle have expanded significantly off the field.

Revenue is projected to rise from £140m in 2021 to more than £400m when the club's latest accounts are released later this season, while staff numbers have more than doubled to 550 in recent years.

There has been substantial investment in the academy and the female squad, while substantial sums have been pumped into the club to help with day-to-day running costs.

But one query outsiders might be asking is why the financial resources of their Saudi owners hasn't produced more achievements.

Though fresh acquisitions have arrived - around £100m net was spent in the summer - this has been a moderately paced development.

"Since the new ownership were so wealthy, on paper, a lot of people made an assumption that they were going to purchase success," stated a Newcastle fan analyst.

"Certainly, Newcastle have recruited some top-class players like Bruno Guimaraes and Sandro Tonali, but the progress of existing squad players and the signing of players like Dan Burn from the region to bolster that feeling around the club has been significant and really important."

Such an strategy has been influenced by Profit and Sustainability Rules (PSR), which restrict losses to £105m over a three-year cycle, so discovering methods to create additional flexibility will be crucial for Newcastle.

For context, Manchester United may have endured their worst campaign in more than four decades last season, but the club still generated historic income of £666.5m.

Digging deeper, Manchester United earned £333.3m worth of commercial income and £160.3m in gate receipts.

Newcastle, by contrast, raised £83.6m and £50.1m respectively in their latest financial statements from 2023-24.

Acquisition 'Increased' Rivals' Concerns

Manchester United have not always optimized their substantial revenue sources, of course.

But, historically, the sides who invest higher amounts on wages accumulate the most points per game in the Premier League.

Previous disruptors like Manchester City and Chelsea were able to dominate competitors with better financial offers before the present regulations were introduced in 2013.

But Newcastle 'only' had the eighth largest salary bill in the Premier League just a few years back and the club came mightily close to a PSR breach in June 2024 following years of imbalanced trading.

"I'm not necessarily sure these are unintended consequences of the rules," said a football finance expert. "The more Machiavellian view of the Premier League is that the clubs at the top wished to prevent another City or Chelsea to arise. This is a way of creating a limitation."

Newcastle are going to have to do things a somewhat uniquely - and that has been clear since the takeover.

In fact, an unnamed executive previously approached the Premier League on behalf of his club and multiple teams amid apprehension Newcastle could secure lucrative sponsorship deals with Saudi Arabian companies.

He requested that notice was given of a vote to implement a short-term ban on affiliated company deals just five days after the buy-out in 2021.

This high-ranking official publicly acknowledged the Newcastle takeover "heightened" worries and "encouraged the clubs to seek action" when he was later questioned by Manchester City's legal team.

Nobody Should Justify Human Rights Situation in Saudi Arabia'

The associated party transaction rules have been updated and continue to apply.

But Newcastle's new CEO, David Hopkinson, has aimed to find ways to realize the club's "untapped business opportunities".

That has not come as a surprise to associate Tom Pistore, who collaborated with the Canadian at Maple Leaf Sports & Entertainment.

"Our group under his leadership were always attempting to concentrate on how do we continue to evolve?" he said. "Status quo keeps you stuck so it was about remaining innovative in business and partnership relationships, innovation, digital and ticketing."

"With industry evolution, David was always very progressive with a curious interest in new concepts. Innovative, but not bleeding edge were terms we often talked about in observing early adopters at something and then having a thorough assessment."

Hopkinson, who previously served as president and chief operating officer at Madison Square Garden Sports and head of global partnerships at Real Madrid, wants to position Newcastle "among the world's elite".

That remains the future goal of chairman Yasir Al-Rumayyan, the governor of the Saudi Arabian Public Investment Fund (PIF) - who hold controlling interest in the club - as well as fellow owner Jamie Reuben.

But a rights activist said "goals and glory are distracting from human rights issues" after a historic number were put to death in Saudi Arabia last year.

"This was never just about football," he added. "It's about using the global prestige of the Premier League to cleanse a brutal human rights record."

A local MP was the initial to acknowledge she "wouldn't choose Saudi Arabia as the owners of the club".

However, she emphasized supporters were the "last people who get to choose".

"With financial prioritization, which the Premier League have, those with the greatest wealth will ultimately acquire the prestigious teams like Newcastle United," she said.

"However, nobody ought to justify, support, or excuse Saudi Arabia's human rights record."