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Eddie Howe isn't typically given to dramatics or grand media statements. So by his standards, his press conference following Sunday’s loss to West Ham counts as a angry outburst. Newcastle scored first but West Ham were ahead by half-time, as well as striking the woodwork and seeing a spot-kick revoked by VAR, leading Howe to make a three substitutions at the break.

“The opening period was particularly irritating,” the coach said. “Virtually any player could have been substituted and I believe that was a reflection of where we were at that stage during the match and it’s very, very rare for me to feel that way. In fact, I don’t think having done so during my tenure as head coach of the club, therefore I believed the team needed some shaking up at half-time. This explains why I did those decisions.”

Three key players all came off at the interval and Newcastle did stabilise somewhat in the latter period, but never really looking like they could get back into the game against an opponent that had won only one of their last nine league matches. Considering how packed the centre of the table currently is, with a mere three-point gap dividing third from 11th, and a nine-point margin between second and 17th, a sequence of 12 points from ten matches has not placed Newcastle adrift but, similarly, they must not end the campaign in thirteenth place.

The Issue of Perception

The challenge to an extent is one of perception. With the Saudi PIF, the club possess the wealthiest owners in the world. The expectation when the Saudi fund acquired a majority stake of the team in recent years was that it would have a transformative effect, similar to Roman Abramovich achieved at Stamford Bridge or the City Group had at Manchester City. The distinction is that both of those owners took over prior to the advent of FFP regulations (and the current charges against City relate to if they breached those regulations after they were in place).

Financial regulations limit the capacity of owners, no matter how wealthy, to spend money on their squads and so in that sense probably might have slowed any Saudi attempt to elevate the team to the standard of City. However it wasn't necessary for Newcastle’s spending to have been quite as cautious as it has been; they might have spent more and remained within the limit – or just accepted a relatively meagre European fine given their major issue is more with the continental than the Premier League regulation.

Stadium Spending and PSR Rules

Additionally, stadium development is exempted from Profit and Sustainability calculations; the simplest way to increase revenue to generate additional PSR headroom would be to extend or redevelop the stadium. Given the site of the home ground, with listed buildings on two sides, in reality that likely means constructing an completely new venue. Rumors circulated in spring of potentially making the short move to Leazes Park – resistance from local groups might have been surmounted with a promise to create a new park on the current stadium site – but there has not been no movement on that plan. There has been substantial cutbacks from the PIF on a variety of projects as it refocuses on local investments; the approach to Newcastle appears entirely in keeping with that change of approach.

Player Sales Saga

The Alexander Isak saga was born of that conflict. A more confident leadership might have framed his sale as essential to release funds for additional investment; rather there was a vain effort to retain him. That meant Newcastle began the season amidst a feeling of frustration even with the signings of Woltemade, Yoane Wissa, Jacob Ramsey, Malick Thiaw and Anthony Elanga. The start was mixed: one win in their first six fixtures.

Yet it seemed a corner was reached. They secured five victories in six matches prior to the weekend, a run that included demolitions of Union Saint-Gilloise and Benfica in the European competition. That’s why the performance against the Hammers was so surprising. The problem perhaps is that Newcastle’s style is extremely intense, high-energy; a minor decrease in intensity can have profound effects. Perhaps the strain of domestic, European and cup matches, five fixtures in 15 days, had got to them. Woltemade started all five matches and appeared particularly fatigued.

The Nature of Modern Soccer

This is the nature of modern the sport. Managers must be ready to make changes. The manager has been unfortunate that the forward's fitness issue has meant he is lacking attacking options but, no matter how reasonable the reasons, Sunday’s performance was inexcusable –particularly following taking the lead at a stadium primed to turn on its home team.

Howe will hope it was merely a temporary setback, an off-day when all players is off-colour simultaneously, but if Newcastle are to secure the Champions League next season, let alone eventually launch an actual title challenge, they cannot be as inconsistent as they have been.