Newcastle United was taken over by the Saudi Arabian Public Investment Fund (PIF) on October 7, last year, and to commemorate the one-year anniversary, Mirror Football has evaluated its tenure thus far.
Newcastle’s Saudi owners want to turn the club into a £3bn super-club as they celebrate a year in charge.
It’s a year since Toon fans celebrated like they’d won a trophy when the oil-rich Saudi Arabian state wealth Public Investment Fund – which has $608bn of assets – bought the club. The wealth fund that owns Newcastle United have revealed they have $76bn of cash in the bank.
The PIF opened its books for the first time this week to show its vast financial power – cash alone enough to buy Newcastle 226 times over – as the Tyneside club reviewed its first year of rebuilding. But a year on, are the Saudis delivering on a ten-year quest to turn the Geordies into title winners? Is the transformation promised on track?
On October 7 last year, thousands gathered at St James’s Park chanting and letting off flares, as deal broker Amanda Staveley struck a £300m-plus deal to oust unpopular and unambitious Sports Direct Mike Ashley using 80pc Saudi cash. Staveley and the Reuben brothers each took a 10pc slice.
As the completed deal sheets landed on laptops at the Jesmond Dene House hotel in Newcastle, Staveley spoke in her room of the club’s ambition. To win the league in five to ten years? “Yes. We have the same ambition as PSG and Manchester City in terms of trophies…”
From being also-rans in the Premier League, the intentions of the Saudi regime were clear. They wanted to be winners, to spend, and eventually to challenge Manchester City. But with a warning, it will take “investment and patience.”
The price for having the richest backers in football was to put Newcastle, and its fans at the center of a geopolitical storm over Saudi Arabia’s human rights record, the murder of journalist Jamal Khashoggi, and the likelihood of the club being used as a billboard to promote a regime condemned by many campaigners. So how has it developed so far?
How has Newcastle United changed?
The club is transformed in mood, ambition, organization, leadership, and hope. Match days at St James’ Park, often grumbly and uninspiring, have become noisy, passionate, and optimistic, with flag displays and hope to be paraded on the terraces.
Getting tickets for the match is now tough, leading to many wondering if they’ll need a new stadium if success really does kick in on the pitch.
It has become a properly functioning football club, rather than a hollowed-out operation on the cheap. The staff has had wages upgraded to commercial levels, the women’s team has been brought in-house, and the youth academy has had a big budget hike. Four sites have been identified for a multi-million new training ground.
There has been a love-in for the last 12 months, where the ownership, manager, and players could do no wrong. How long that lasts depends on the next steps.
Are Newcastle United now a serious football operation?
Out has gone Steve Bruce, replaced by Eddie Howe. Out has gone MD Lee Charnley to be replaced by Darren Eales ex of Spurs and Atlanta in the MLS.
In came England DNA architect, Dan Ashworth from Brighton, to be sporting director, with a brief to build all aspects of the club. Foundations have been laid.
Last season Steve Bruce was in charge and it took a struggling disorganized team 15 games until December to get their first win after Bruce was sacked by the new regime and replaced by Eddie Howe.
The head coach revived the team with 12 wins in their last 18 games to survive a major relegation scare and has United in seventh so far this campaign despite injuries to key players.
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