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Eddie Howe's words faded.

"I remember walking around the training ground when we arrived that first time," stated the team's manager recently. "It was…"

Howe was not suddenly getting misty-eyed, but reflecting on the efforts required to enhance the club's dated Benton headquarters following his hiring nearly four years ago.

Newcastle had not long been acquired by a investment group from Saudi Arabia in a £305m deal.

The club had been dubbed the richest in the world by observers, but the situation on the ground was quite distinct as they fought relegation.

In a planning application to improve the facility a few months later, it was even stated the training complex fell "significantly below the Premier League and possibly Championship standards".

The base has since been updated with recovery and cold pools, a new canteen, a players' lounge and expanded locker rooms, among other amenities, but it is the squad that has been completely revolutionized since then.

So what has changed since the takeover and why did not the financial power of Newcastle's owners guarantee more achievements and trophies?

Further Improvements Required but Things Will Change

Matt Ritchie sensed it.

He knew what could happen if Howe "got hold of them" and "possessed attacking talent", after having collaborated with the manager at Bournemouth.

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

"My teammates would say, 'enough, drop it, he couldn't be that good'. But I'd tell them there was complete thoroughness."

"I was so pleased that they experienced it. Without firsthand exposure, you can't fully appreciate you have never experienced such intensity. It's the attention to detail, the preparation and the drive for betterment - all the elements that make Newcastle what they are now."

It has not all been plain sailing, of course, since Howe's arrival or the takeover a short time before.

Newcastle, currently 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 lack a sporting director after Paul Mitchell departed in June, following under twelve months in the post.

And the wait continues for updates concerning the future of St James' Park and building of a new state-of-the-art training ground.

But this is a side that broke a 70-year drought to win a major domestic trophy back in March after winning the Carabao Cup by beating Liverpool.

They have qualified for the Champions League in multiple recent campaigns - recording their biggest win 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 took charge.

"Significant transformation just in terms of the general feeling of the club," added Howe. "Of course, the team has changed. Naturally, teams develop and transform over time."

"Our operational methods behind the scenes as a football club is completely transformed but, additionally, if you examine the training ground here, there have been big improvements. That's what the club needed and still needs."

"Further development is necessary, but things will change and gradually evolve over time. It's a promising period for the football club."

Attempting to Close Huge Revenue Gap

Newcastle have also grown off the field.

Revenue is projected to rise from £140m in 2021 to upward of £400m when the club's most recent financial reports are published in the coming months, while staff numbers have more than doubled to 550 in recent years.

There has been substantial investment in the academy and the women's team, while hundreds of millions have been invested in the club to help with operational expenses.

But one question observers may pose is why the wealth of their Saudi owners hasn't produced greater success.

Though new signings have arrived - around £100m after deductions was invested in the summer - this has been a moderately paced development.

"Since the new ownership were extremely rich, theoretically, a lot of people presumed that they were going to buy the way to the top," explained a Newcastle fan analyst.

"Certainly, Newcastle have brought in some top-class players like Bruno Guimaraes and Sandro Tonali, but the progress of existing squad players and the acquisition of players like Dan Burn from the region to bolster that feeling around the club has been significant and crucial."

Such an approach has been affected by Profit and Sustainability Rules (PSR), which limit deficits to £105m over a rolling three-year period, so finding a way to create further headroom will be crucial for Newcastle.

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

Digging deeper, Manchester United earned £333.3m worth of sponsorship revenue and £160.3m in gate receipts.

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

Buy-out 'Heightened' Rivals' Concerns

Manchester United have not necessarily made the most of their substantial revenue sources, of course.

But, historically, the sides who invest higher amounts on wages accumulate the most points per game in the Premier League.

Previous disruptors like Manchester City and Chelsea were able to blow their rivals out of the water with better financial offers before the present regulations 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 not necessarily sure these are unintended consequences of the rules," said a football finance expert. "The cynical perspective of the Premier League is that the clubs at the top didn't want another City or Chelsea to emerge. This is a way of establishing a glass ceiling."

Newcastle are going to have to operate a somewhat uniquely - and that has been clear since the takeover.

In fact, an anonymous official previously approached the Premier League on behalf of his club and 10 others amid apprehension Newcastle could enter into lucrative sponsorship deals with Saudi Arabian companies.

He requested that notification was provided of a vote to implement a temporary prohibition on affiliated company deals just shortly following the buy-out in 2021.

This senior figure openly admitted the Newcastle takeover "heightened" worries and "encouraged the clubs to seek action" when he was later questioned by Manchester City's legal team.

'No-one Should Excuse Saudi Human Rights Record

The associated party transaction rules have been revised and continue to apply.

But Newcastle's new CEO, David Hopkinson, has set out to find ways to realize the club's "untapped business opportunities".

That has been expected to close friend Tom Pistore, who collaborated with the Canadian at Maple Leaf Sports & Entertainment.

"The team under his leadership were always attempting to concentrate on how do we keep progressing?" he said. "Maintaining current state keeps you stationary so it was about remaining innovative in business and partnership relationships, innovation, digital and ticketing."

"As the landscape changed, David was always very progressive with a curious interest in new concepts. Innovative, but not bleeding edge were terms we often talked about in watching someone have the first stab at something and then having a thorough assessment."

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 position Newcastle "among the world's elite".

That remains the future goal of board leader Yasir Al-Rumayyan, the head of the Saudi Arabian Public Investment Fund (PIF) - who own a majority stake in the club - as well as fellow owner Jamie Reuben.

But a human rights campaigner said "success and trophies are diverting attention from executions and repression" after a historic number were executed in Saudi Arabia last year.

"This was never just about football," he continued. "It's about leveraging the worldwide reputation of the Premier League to sanitise a brutal human rights record."

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

However, she emphasized supporters were the "final individuals who get to choose".

"When you make it all about money, which the Premier League have, those with the most money will ultimately acquire the great clubs like Newcastle United," she said.

"But no-one should be expected to justify, support, or rationalize Saudi Arabia's human rights record."