Newcastle and PIF’s Project Is Falling Apart. How Can They Rebuild? | OneFootball

Think back, if you will, to 2021. Newcastle United, sitting in the relegation zone, had found their saviour: the Saudi Public Investment Fund. A fund worth nearly one trillion pounds was now the owner of a comparatively modest Tyneside club that had reached European competition just once in the preceding 13 years and had even been in the Championship four years earlier. Many predicted Newcastle would become Premier League champions by the end of the decade, but results so far have suggested otherwise.

In almost half a decade following the Saudi takeover, their list of achievements is as follows:

Compare this with the early years of the Manchester City and PSG takeovers, which Newcastle were expected to follow in the footsteps of, and there is still a significant difference. By the fifth anniversary of the City takeover, the club had won the Premier League and the FA Cup, with a second league title arriving the following season. PSG had won Ligue 1 four times and reached four consecutive Champions League quarter-finals.

The future also looked much brighter at both clubs. By that stage, City had stars such as Sergio Aguero, David Silva, Yaya Toure and Vincent Kompany, while PSG had Zlatan Ibrahimovic, Angel Di Maria and Edinson Cavani. Newcastle have developed their own group of stars, but instead of building around them, they are now watching that group fall apart.

The Stars Heading for the Exit

In the first few years after the takeover, Newcastle showed some shrewd spending to sign big names in the transfer market, including Alexander Isak, Sandro Tonali, Anthony Gordon and Bruno Guimaraes. This was the core that led Newcastle United to their first trophy under the new owners, and it looked like they were finally developing into serious contenders.

However, less than 18 months after their historic triumph against Liverpool, three of those four players have left, while the fourth is pushing towards the exit.

Alexander Isak was the subject of a thrilling transfer saga in August 2025 after he demanded to leave Newcastle for Liverpool, despite the Reds already appearing to have found their striker in £85 million man Hugo Ekitike, who we will get to later.

The month featured a player strike, a club-imposed freeze, Isak briefly returning to former club Real Sociedad to maintain his fitness after being kept away from Newcastle’s training ground, and even a scintillating 3-2 Liverpool victory over Newcastle during the height of the saga.

By the end of the window, Isak was wearing the red of Liverpool following a transfer worth around £130 million. The deal made him one of the most expensive footballers of all time, behind only PSG’s 2017 moves for Neymar and Kylian Mbappe.

In May 2026, under less dramatic circumstances, Newcastle sold Anthony Gordon to Barcelona in a package worth a reported £69.3 million, including add-ons. That was followed by Sandro Tonali’s move to nearly relegated Tottenham for £100 million, with Spurs paying £92.5 million up front and a further £7.5 million in potential add-ons.

At the time of writing, even Bruno Guimaraes appears to be on his way out. The midfielder has reportedly agreed personal terms with Arsenal, while the two clubs continue to negotiate a transfer fee. Guimaraes has also delayed joining Newcastle’s pre-season preparations as talks over the move continue.

Still Second Tier in the Transfer Market

In the transfer market, there is an unspoken food chain upon which every club falls. At the top, you have the biggest clubs, the perennial trophy contenders with the greatest history, revenue and pulling power.

These transfers, particularly those involving Premier League Big Six clubs, prove that despite the money Newcastle’s owners may have, one of the most important factors in football remains status and public perception.

Despite Tottenham finishing 17th in the Premier League for two seasons running, Tonali was still willing to join Spurs over Newcastle, a club that gave him the opportunity to face Barcelona three times during the 2025/26 season. Tottenham’s history, London location, wages and the opportunity to work with Roberto De Zerbi still gave them significant pulling power.

In the food chain of the football market, Newcastle are still considered second-tier.

This is demonstrated by Newcastle losing major players to their Big Six superiors. Isak pushed hard for a move to Liverpool, Tonali left the club for Tottenham, and Guimaraes is negotiating a move to Arsenal. Newcastle are currently unable to compete consistently with the Big Six for players, which has contributed to one major theme surrounding their recent transfer windows: the transfer hijack.

Newcastle’s Summers of Transfer Hijacks

The hijack is one of the most entertaining parts of the transfer window every summer, adding thrilling twists to deals for neutral supporters. When your own club is involved in one, it can be one of the most polarizing feelings in football.

The victim of the hijack is left feeling high and dry, and often betrayed by the player who snubbed them. The hijackers feel the thrill of a successful heist and can enjoy their new player at the expense of the club that thought it had secured him.

While having one of your targets hijacked during a transfer window is a horrible experience for a supporter, Newcastle have been victims more than a few times during the past two summers.

It goes back to Newcastle’s pursuit of a striker in 2025 amid the Isak saga. Newcastle had always insisted on signing a replacement before allowing the Swede to leave, but the dice simply were not falling their way.

At the start of the summer, they lost out to Chelsea in the race for Joao Pedro, were snubbed by Benjamin Sesko and were rejected by Liam Delap despite triggering his £30 million release clause.

Most famously, Newcastle agreed a £70 million deal with Eintracht Frankfurt for Hugo Ekitike, only for Liverpool to enter the race and sign him for £85 million. The setback prompted Newcastle to make a last-minute move for Nick Woltemade after their relationship with Isak had deteriorated beyond repair.

Woltemade scored just eight league goals during his first season at Newcastle, a little over a third of Isak’s total from the previous campaign.

Then came a 2025/26 season that saw Newcastle finish 12th in the Premier League, miss out on European football, endure disappointing domestic cup runs and exit the Champions League following a 7-2 aggregate defeat to Barcelona.

The club needed a hard reset, especially after the departures of Gordon and Tonali and the likely departure of Guimaraes.

Their first choice to replace Gordon was Victor Munoz, a 22-year-old speedster and former Real Madrid and Barcelona academy player. Munoz impressed during his season with Osasuna and earned a call-up to Spain’s World Cup squad.

After Newcastle progressed in negotiations with Osasuna and the player, Spanish reports labelled the deal imminent. However, Liverpool matched Munoz’s release clause, and Newcastle’s proposed move collapsed.

Their second target was Koln’s Said El Mala, a flashy Bundesliga baller who was just 19 years old and coming off an excellent season in Germany. Newcastle were shut down relatively quickly, with the player reportedly having no interest in a move amid attention from Borussia Dortmund.

Finally, Newcastle moved for Bazoumana Toure, an Ivorian winger from Hoffenheim, for approximately £42 million. Toure is a highly talented young player, but whether the move becomes another overpay like Woltemade or an inspired piece of recruitment remains to be seen.

Newcastle also pursued reinforcements in midfield. They completed the signing of Sean Steur from Ajax for £23 million, but the 18-year-old is not expected to replace Tonali immediately.

The game-changing signing was supposed to be Johan Manzambi. The Freiburg star scored three goals and provided two assists for Switzerland during the World Cup. A 20-year-old midfield metronome who could run an attack while providing strong defensive work, Manzambi appeared to have an almost limitless ceiling.

Newcastle agreed a deal worth approximately £49 million with Freiburg, leaving personal terms as the final obstacle. However, Manzambi decided to wait until Switzerland’s World Cup campaign had ended before finalizing his future.

After Switzerland’s quarter-final defeat to Argentina, Manzambi agreed terms with his new club, but it was not Newcastle. Aston Villa had swooped in and signed him for a club-record £59.5 million, with the opportunity to play Champions League football reportedly influencing his decision.

Newcastle, once again, had lost one of their priority targets to a domestic rival.

Now, Newcastle are staring down a bottomless pit. Their best stars are leaving, while several of their preferred replacements are choosing other clubs. This begs the question: why are Newcastle struggling to convince major targets, and what do the Toon do now?

How Newcastle Can Rebuild

The first question to consider is why so many major targets are choosing other clubs.

Firstly, the excitement and fresh optimism that enveloped Newcastle during the first couple of years after the takeover have faded. The departure of Eddie Howe has only added to the feeling that the first era of the project has ended.

As their stars leave, the main core of the squad now features players such as Lewis Hall, Tino Livramento, Joelinton and Malick Thiaw. It was difficult enough to convince players to join a Newcastle team containing Isak, Tonali and Guimaraes, never mind a squad that has now been stripped for parts.

Their negotiating position has also been significantly weakened by their lack of European football. This was likely one of the main reasons they lost Manzambi to Aston Villa and Munoz to Liverpool.

Footballers are only in their primes for a limited number of years, so playing European football in as many seasons as possible is naturally a priority. Newcastle cannot currently offer that opportunity.

There are several other reasons a player may choose Liverpool or another major club over Newcastle, including prestige, childhood memories, facilities, location and the likelihood of challenging for trophies. However, the lack of European football and instability surrounding the project are the most significant factors.

There is also the issue of financial regulation. Newcastle’s owners may be among the wealthiest in football, but owner wealth is not the same as transfer spending power. From the 2026/27 season, Premier League clubs will operate under a Squad Cost Ratio system that generally limits on-pitch spending to 85 percent of football-related revenue and net profit from player sales.

The big question is what Newcastle do now. For me, there is one clear answer.

Newcastle have been targeting players like a top-tier club. They regularly enter bidding wars for the same talents wanted by Liverpool, Chelsea, Manchester City and other elite clubs.

The Geordies need to swallow their pride and pursue less contested targets. This does not mean accepting lower-quality players, and it should not be a permanent arrangement. However, it is clear that Newcastle do not currently possess the negotiating power to compete consistently with the Big Six.

They do, however, have the power to compete with clubs such as Brentford, Brighton and Bournemouth.

These clubs regularly recruit top talent and build strong squads without targeting the same players as Europe’s biggest teams. They remain attractive destinations for young players looking to showcase themselves on a major stage.

Among the clubs operating in that section of the market, Newcastle have one of the strongest negotiating positions. They have made multiple Champions League appearances during the past five seasons, have a good record of developing talented players into stars and possess greater financial resources than most of their direct competitors.

If they wanted to, Newcastle could dominate that market and assemble a formidable side.

What Eddie Howe’s Departure Means

There had been growing questions surrounding Eddie Howe’s future, with many Newcastle supporters calling for a managerial change after the club’s disappointing 2025/26 season.

That decision has now been taken out of their hands.

Howe stepped down on July 30 after nearly five years in charge. His departure brought an end to a period in which Newcastle escaped relegation, qualified for the Champions League twice and won their first major domestic trophy in 70 years.

Despite the poor ending, Howe should still be remembered as one of the most important managers in Newcastle’s recent history. However, with the losses of Isak, Gordon and Tonali, as well as the likely departure of Guimaraes, the club are clearly beginning a new era.

Matthias Jaissle, currently with Saudi club Al-Ahli, is widely expected to replace Howe. The move would give Newcastle a younger manager with experience developing players and working within the same ownership network.

However, any appointment must be completed quickly. The transfer window is already moving, and Newcastle cannot afford to recruit players without knowing what type of team their next manager wants to build.

There are at least signs that Newcastle are continuing to conduct business. At the time of writing, the club are closing in on a deal worth approximately £25.7 million for Braga goalkeeper Lukas Hornicek. He would follow Toure, Steur, Aladji Bamba and Ewen Jaouen through the door.

The next manager will need to unlock the potential of those new signings while rebuilding a team that has lost many of its biggest names. That will not be an easy task, but a fresh perspective could be exactly what Newcastle need.

All in all, despite the grim situation on the Tyne, all is not lost. There are still avenues through which Newcastle can recover and rebuild their way back into the Champions League.

However, they need to accept their current position in the transfer-market food chain, adjust the type of players they pursue and give their new manager a clear recruitment plan.

Some seriously difficult decisions have already been made. Several more may be required before Newcastle can begin moving forward again.