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The manager's words faded.

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

Howe was not becoming sentimental, but reflecting on the efforts needed to improve the club's dated Benton base following his hiring almost four years back.

Newcastle had recently been acquired by a investment group from Saudi Arabia in a £305m deal.

The club had been dubbed the wealthiest in the world by outsiders, but the situation on the ground was rather different as they fought relegation.

In a proposal to upgrade the facility a few months later, it was even stated the training facility fell "well under the Premier League and perhaps even Championship standards".

The facility has since been modernised with hydrotherapy and plunge pools, a updated dining area, a players' lounge and bigger dressing rooms, among other features, but it is the team that has been truly transformed since then.

So what has evolved since the takeover and why didn't the wealth of Newcastle's owners automatically mean more achievements and honours?

'We Need More but Progress Will Come'

Matt Ritchie sensed it.

He understood 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 discuss Eddie Howe and Bournemouth," said the 36-year-old winger, who represented Newcastle between 2016 and 2024.

"The lads would say, 'enough, drop it, he can't have been that good'. But I'd explain there was no stone left unturned."

"I felt delighted that they got to sample it. Without firsthand exposure, you don't truly believe you have never worked like that before. It's the attention to detail, the planning and the desire to improve - all the things that make Newcastle what they are now."

It has not all been plain sailing, of course, since Howe's arrival or the takeover a few weeks prior.

Newcastle, currently 15th in the Premier League, failed to secure a several objectives during a draining summer window and lost striker Alexander Isak to Liverpool for a record-breaking £125m.

The club lack a technical director after Paul Mitchell left in June, following under twelve months in the post.

And the delay persists for updates concerning the future of St James' Park and construction of a new state-of-the-art training ground.

But this is a side that ended a seven-decade wait to claim a significant cup back in March after winning the Carabao Cup by beating Liverpool.

They have qualified for the Champions League in two of the past three seasons - recording their biggest win in the competition against Union Saint-Gilloise this week - and only Manchester City, Liverpool and Arsenal have picked up more points in the Premier League since Howe assumed control.

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

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

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

Attempting to Close Huge Revenue Gap

Newcastle have expanded significantly 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 youth system 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 yielded greater success.

Though fresh acquisitions have arrived - around £100m net was invested in the summer - this has been a moderately paced development.

"Since the new ownership were extremely rich, on paper, a lot of people presumed that they were going to purchase success," stated a Newcastle fan analyst.

"Yes, Newcastle have brought in some top-class players like Bruno Guimaraes and Sandro Tonali, but the progress of current team members and the acquisition of players like Dan Burn from the region to bolster that feeling around the club has been significant and really important."

Such an approach has been affected by Profit and Sustainability Rules (PSR), which restrict losses to £105m over a rolling three-year period, so finding a way to create additional flexibility will be essential 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.

Examining further, Manchester United earned £333.3m worth of sponsorship revenue and £160.3m in matchday revenue.

Newcastle, by comparison, generated £83.6m and £50.1m correspondingly in their most recent published accounts from 2023-24.

Buy-out 'Heightened' Rivals' Concerns

Manchester United have not necessarily made the most of their huge income streams, of course.

But, traditionally, the sides who spend more 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 superior packages before the current rules were introduced in 2013.

But Newcastle 'only' had the eighth largest salary bill in the Premier League just a couple of seasons ago 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 unforeseen results of the rules," said a football finance expert. "The cynical perspective of the Premier League is that the clubs at the top wished to prevent another City or Chelsea to arise. This is a way of creating a limitation."

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

In fact, an anonymous official previously contacted the Premier League on behalf of his club and 10 others amid concern Newcastle could secure valuable commercial agreements with Saudi Arabian companies.

He asked that notice was given of a vote to introduce 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 "prompted teams to demand measures" when he was later questioned by Manchester City's legal team.

Nobody Should Justify Human Rights Situation in Saudi Arabia'

The APT regulations have been updated and continue to apply.

But Newcastle's new CEO, David Hopkinson, has set out to find ways to unlock the club's "under-realised commercial potential".

That has not come as a surprise to associate Tom Pistore, who collaborated with the Canadian at Maple Leaf Sports & Entertainment.

"Our group under his leadership were always trying to focus on how do we continue to evolve?" he said. "Status quo keeps you stationary so it was about remaining innovative in business and partnership relationships, innovation, digital and ticketing."

"With industry evolution, David was always very forward facing 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 previously served as president and chief operating officer at Madison Square Garden Sports and head of global partnerships at Real Madrid, wants to establish Newcastle "among the world's elite".

That remains the long-term ambition of chairman Yasir Al-Rumayyan, the governor of the Saudi Arabian Public Investment Fund (PIF) - who hold controlling interest 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 record 345 people were put to death in Saudi Arabia last year.

"This was never just about football," he added. "It's about using the global prestige of the Premier League to sanitise a problematic rights situation."

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

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

"With financial prioritization, which the Premier League have, those with the most money will end up winning the prestigious teams like Newcastle United," she said.

"However, nobody ought to justify, support, or excuse Saudi Arabia's human rights record."