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The manager's voice trailed off.

"I recall walking around the practice facility when we came up that initial period," remarked the team's manager last week. "It was…"

Howe wasn't suddenly getting misty-eyed, but considering the work needed to enhance the club's dated Benton headquarters following his hiring nearly four years ago.

Newcastle had recently been acquired by a Saudi-led consortium in a £305m deal.

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

In a proposal to upgrade the facility a short time after, it was even stated the training complex fell "well under the Premier League and possibly Championship standards".

The facility has since been updated with recovery and cold pools, a new canteen, a athletes' relaxation space and bigger dressing rooms, among other features, but it is the team that has been completely revolutionized since then.

So what has evolved since the takeover and why did not the financial power of Newcastle's owners automatically mean more success and trophies?

Further Improvements Required but Progress Will Come'

Matt Ritchie sensed it.

He knew what could happen if Howe "took charge" and "possessed attacking talent", after previously working with the manager at Bournemouth.

"Upon my initial joining, I would talk about Eddie Howe and Bournemouth," said the 36-year-old winger, who represented Newcastle between 2016 and 2024.

"The lads would say, 'come on, drop it, he can't have been that good'. But I'd explain there was no stone left unturned."

"I felt delighted that they got to sample it. Without firsthand exposure, you don't truly believe you have never experienced such intensity. It's the meticulous planning, the preparation and the drive for betterment - all the things that make Newcastle what they are now."

It has not all been plain sailing, of course, since Howe's arrival or the takeover a few weeks prior.

Newcastle, presently mid-table in the top division, missed out on a several objectives during a draining summer window and lost striker Alexander Isak to Liverpool for a record-breaking £125m.

The club do not have a sporting director after Paul Mitchell left in June, following under twelve months in the post.

And the wait continues for announcements concerning the future of St James' Park and construction of a modern training facility.

But this is a team that broke a 70-year drought to win a major domestic trophy back in March after winning 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," continued Howe. "Naturally, the team has changed. Inevitably, teams progress and change over time."

"The way we're working 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 things will change and gradually evolve over time. It's exciting times for the football club."

Attempting to Close Significant Income Disparity

Newcastle have also grown off the field.

Revenue is set to increase from £140m in 2021 to upward of £400m when the club's latest accounts are released in the coming months, while employee count have increased significantly to 550 in the past few seasons.

There has been significant funding in the academy and the women's team, while hundreds of millions have been pumped into the club to help with operational expenses.

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

Though fresh acquisitions have joined - around £100m after deductions was invested in the summer - this has been a relatively gradual build.

"Since the new ownership were extremely rich, on paper, a lot of people presumed that they were going to purchase success," explained a Newcastle fan analyst.

"Certainly, Newcastle have brought in some excellent internationals like Bruno Guimaraes and Sandro Tonali, but the development of current team members and the signing of players like Dan Burn from the region to strengthen that connection around the club has been massive and really important."

Such an strategy has been affected 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 essential for Newcastle.

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

Digging deeper, Manchester United brought in £333.3m worth of sponsorship revenue and £160.3m in matchday revenue.

Newcastle, by contrast, generated £83.6m and £50.1m respectively in their most recent published accounts from 2023-24.

Buy-out 'Heightened' Rivals' Concerns

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

But, traditionally, the sides who spend more on wages pick up the most points per game in the Premier League.

Earlier challengers like Manchester City and Chelsea were able to blow their rivals out of the water with better financial offers before the current rules were implemented in 2013.

But Newcastle 'only' had the eighth largest salary bill in the Premier League just a few years back and the club came extremely near to a PSR breach in June 2024 following years of uneven financial management.

"I'm uncertain these are unintended consequences of the rules," said a sports financial analyst. "The more Machiavellian view of the Premier League is that the clubs at the top wished to prevent another City or Chelsea to emerge. This is a way of establishing a glass ceiling."

Newcastle are going to have to operate a little differently - and that has been evident since the takeover.

In fact, an anonymous official previously approached the Premier League on behalf of his club and multiple teams amid apprehension Newcastle could enter into valuable commercial agreements with Saudi Arabian companies.

He asked that notification was provided of a vote to implement a short-term ban on related-party transactions just shortly following the buy-out in 2021.

This senior figure publicly acknowledged the Newcastle takeover "increased" worries and "prompted teams to demand measures" when he was later cross-examined by Manchester City's legal team.

Nobody Should Justify Saudi Human Rights Record

The associated party transaction rules have been revised 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 been expected to associate Tom Pistore, who collaborated with the Canadian at Maple Leaf Sports & Entertainment.

"Our group under his leadership were always trying to focus 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. Leading edge, but not experimental were terms we often talked about in observing early adopters at something and then having a proper evaluation."

Hopkinson, who formerly held positions as president and chief operating officer at Madison Square Garden Sports and head of global partnerships at Real Madrid, wants to establish Newcastle "with global top clubs".

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 "success and trophies are diverting attention from human rights issues" after a historic number were executed in Saudi Arabia last year.

"This extended beyond football," he added. "It's about leveraging the worldwide reputation of the Premier League to sanitise a problematic rights situation."

A political representative was the first to admit she "would not select Saudi Arabia as the owners of the club".

However, she stressed 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 defend, stand up for, or rationalize Saudi Arabia's human rights record."