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Eddie Howe isn't typically given to histrionics or grand media pronouncements. Based on his standards, his media briefing following Sunday’s loss to West Ham counts as a angry tirade. His side scored first but West Ham took the lead by the interval, while also striking the woodwork and seeing a spot-kick overturned by VAR, leading Howe to execute a three substitutions at the half-time.

“That was the frustrating thing about the first half,” Howe said. “I almost could have taken anyone off and I think that was a reflection of our performance level at that stage during the match and it's extremely uncommon for me to feel that way. Actually, I don’t think I have during my tenure as head coach of the club, so I felt the squad required some shaking up at half-time. That’s why I made what I did.”

Three key players all came off at the interval and Newcastle managed to steady to an extent in the latter period, but never really looking like they could get back into the contest against a side that had secured just a single victory of their previous nine fixtures. Given the congestion the middle of the table is, with just three points separating the top spots from mid-table, and a nine-point margin between second and 17th, a run of twelve points from ten matches has not placed the Magpies stranded but, similarly, they cannot finish the season in thirteenth place.

The Problem of Perception

The challenge to an extent is one of perception. With the Saudi PIF, Newcastle have the wealthiest backers in the world. The expectation when the Saudi fund bought 80% of the club in 2021 was that it would bring a game-changing impact, similar to the former Chelsea owner achieved at Stamford Bridge or the City Group had at Manchester City. The distinction is that those two owners assumed control prior to the advent of FFP regulations (and the current charges against City relate to whether they violated those guidelines after they were in place).

Profit and sustainability regulations restrict the capacity of proprietors, however rich, to invest funds on their teams and therefore likely might have hindered any Middle Eastern effort to elevate Newcastle to the level of City. But there is no need for the club's spending to have been so restrained as it has been; they might have invested further and stayed inside the limit – or simply taken a relatively meagre European penalty since their major problem is primarily with the continental than the Premier League regulation.

Infrastructure Spending and Financial Rules

Besides which, stadium development is exempted from Profit and Sustainability calculations; the simplest method to raise income to generate more PSR flexibility would be to extend or redevelop the stadium. Given the location of St James’ Park, with protected structures on two sides, in reality that probably means building an completely new venue. Rumors circulated in March of potentially undertaking the short move to a local park – resistance from community organizations could surely have been surmounted with a commitment to create a new park on the current stadium site – but there has been any progress on that proposal. There has been significant retrenchment from the Saudi fund on a variety of projects as it shifts focus on domestic affairs; the attitude to the football club seems entirely in alignment with that strategic shift.

The Alexander Isak Situation

The Alexander Isak episode was arose from that conflict. A more confident management could have portrayed his transfer as necessary to release funds for additional spending; instead there was a vain attempt to keep him. That meant the team began the season amid a feeling of disappointment even with the acquisitions of Woltemade, Yoane Wissa, Jacob Ramsey, Malick Thiaw and Anthony Elanga. The start was indifferent: one win in their initial six games.

Yet it appeared a corner had been turned. They had won five victories in six matches prior to Sunday, a run that featured convincing wins of a Belgian side and a Portuguese club in the Champions League. That’s why the performance against the Hammers was such a shock. The problem perhaps is that Newcastle’s style is extremely intense, high-energy; a minor decrease in energy can have profound consequences. Maybe the pressure of domestic, Champions League and Carabao Cup competition, five fixtures in 15 days, had taken its toll. The German forward featured in all five games and looked especially fatigued.

Reality of Modern Football

This is the nature of today's football. Coaches must be ready to make changes. The manager has been unlucky that the forward's injury has meant he is short of attacking options but, regardless of how valid the explanations, the weekend's performance was inexcusable –especially following scoring first at a ground primed to turn on its own side.

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