For all the confetti, all the roaring crowds at St James’ Park, and all the pride in black-and-white hearts across Tyneside, Newcastle United’s 2024/25 season will be remembered as a triumph. A cup finally lifted. A second successive Champions League qualification. A manager in Eddie Howe whose tactical clarity and emotional intelligence have elevated this club into the conversation it was promised to be part of back in October 2021.
And yet, underneath the celebrations, a tension remains. Because for all Newcastle have achieved on the pitch, there’s growing concern that the club’s off-pitch structure, and more specifically the decisions of its majority owner, the Saudi Public Investment Fund (PIF), are threatening to undermine its competitive ceiling.
In isolation, Newcastle’s success this season could be seen as proof that the model is working. But when viewed in the context of the broader footballing empire PIF is building a more uncomfortable reality begins to emerge.
PIF, which owns 80% of Newcastle United, also owns 75% stakes in the four dominant clubs in Saudi Arabia’s top flight: Al-Ittihad, Al-Hilal, Al-Nassr, and Al-Ahli. Over the last couple of years, those clubs have collectively spent over €350 million on Premier League players—but frustratingly, only €27 of that has gone to Newcastle United.
That money hasn’t been injected into Newcastle to help meet the Premier League’s Profit and Sustainability Rules (PSR). Instead, it has gone to Newcastle’s direct competitors, clubs they are fighting for top-four spots with, clubs they’ve played in crucial domestic and European ties. It’s difficult to frame that as anything other than a conflict of interest.
Let’s look at the numbers again:
Aston Villa received a staggering €137 million from PIF-owned Saudi clubs. That helped them ease financial pressures, despite them missing out on bonus of Champions League football.
Manchester City, despite their unmatched commercial strength, still took in €87.5 million, primarily through Riyad Mahrez’s move to Al-Ahli, giving them even more margin to comply with PSR and reload.
Chelsea offloaded the likes of Mendy and Koulibaly for €64.5 million, a bailout at a time when their accounts needed it most.
Liverpool brought in €60.7 million, using that capital to regenerate a midfield that had grown stale.
Every one of these clubs now competes with Newcastle for European qualification. Every one of them benefited from the same financial engine that supposedly powers Newcastle. Yet Newcastle themselves? Very little.
The club most in need of financial room has received none.
This isn’t just a frustration, it’s a systemic issue. Newcastle fans have spent the past two seasons watching their club operate with restraint in the transfer market, citing PSR and UEFA financial limits as the main obstacles. And yet, while they struggle to sell players or generate commercial revenue to reinvest, clubs around them are being gifted outsized fees that allow them to spend freely, aided by the very same ownership group.
PIF’s multi-club strategy has created a paradox where their other clubs are benefiting but it’s having an indirect impact Newcastle United’ ability to compete. It is a version of “friendly fire” that’s become increasingly hard to justify.
Newcastle’s achievements this season have come in spite of this, not because of it.
There are also growing concerns beyond the pitch that hint at a worrying lack of strategic cohesion. This past year:
The club still lacks a training kit sponsor, leaving valuable commercial income on the table.
Promised plans for a new training ground remain in limbo, with only temporary upgrades to existing facilities.
Ticket prices have gone up, a tone-deaf move in a city facing real cost-of-living challenges. Especially when other clubs, like Manchester City, reduced their prices following fan protests.
Membership perks have been stripped back, souring the club’s relationship with its most committed fans.
The proposed crest redesign, announced without meaningful consultation, has sparked backlash from supporters who fear a loss of identity.
On their own, any of these decisions might be explained away. Taken together, they paint a picture of either misplaced priorities, or worse, a lack of understanding of the football and financial world Newcastle are operating in.
The contrast couldn’t be clearer. On the pitch, Newcastle look like a modern football power. Off it, they often look like a club still playing catch-up, commercially, structurally, and politically. For a project of this scale and promise, that’s not good enough.
It’s time PIF showed its hand.
If Newcastle United are truly the jewel in the crown of their global sporting investment, then it’s time to act like it. That means:
Making Newcastle the first club to benefit from Saudi Pro League spending, not the last.
Stopping the indirect subsidisation of rivals through inflated transfer fees.
Unlocking commercial revenue through smarter, more aggressive partnerships. Push the boundaries whilst the Premier League are on the back foot, with challenges from Manchester City and Aston Villa.
Investing in long-term infrastructure that ensures sustainable success, not just short-term PR victories.
Eddie Howe and his players have done their part. They’ve delivered silverware. They’ve put the club back on Europe’s top table. They’ve proven, over and over, that Newcastle United can punch above its weight.
Now it’s time for the owners to give them the platform to keep swinging. Because if PIF continues to strengthen everyone but Newcastle, the club’s biggest opponent won’t be Arsenal, or Liverpool, or Manchester City.
It’ll be the people who were supposed to take them to the top.
