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The manager's words faded.

"I remember walking around the training ground when we arrived that first time," stated the Newcastle United head coach recently. "It was…"

Howe wasn't suddenly getting misty-eyed, but considering the work required to improve the club's dated Benton headquarters following his appointment nearly four years ago.

Newcastle had recently been acquired by a Saudi-led consortium in a multi-million pound transaction.

The club had been dubbed the wealthiest in the world by observers, but the reality on the ground was quite distinct as they battled relegation.

In a proposal to upgrade the facility a few months later, it was noted the training complex fell "significantly below the Premier League and perhaps even Championship standards".

The base has since been updated with recovery and plunge pools, a new canteen, a players' lounge and expanded locker 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 did not the wealth of Newcastle's owners automatically mean more success and honours?

Further Improvements Required but Things Will Change

Matt Ritchie sensed it.

He understood what could happen if Howe "took charge" and "possessed attacking talent", after having collaborated with the manager at Bournemouth.

"When I first arrived, I would talk about Eddie Howe and Bournemouth," said the veteran attacker, who represented Newcastle between 2016 and 2024.

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

"I was so pleased that they got to sample it. Until you actually see it and feel it, you can't fully appreciate you have never experienced such intensity. It's the meticulous planning, the preparation and the desire to improve - all the things that make Newcastle what they are now."

It has not been entirely smooth, of course, since Howe's appointment or the takeover a short time before.

Newcastle, currently 15th in the Premier League, missed out on a number of targets during a draining summer window and sold forward 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 announcements concerning the development 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 secured entry to the Champions League in multiple recent campaigns - recording their largest victory 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.

"A lot has changed just in terms of the overall atmosphere of the club," continued Howe. "Naturally, the team has changed. Inevitably, teams develop and transform over time."

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

"We need more, but things will change and slowly develop over time. It's a promising period for the football club."

Attempting to Close Significant Income Disparity

Newcastle have also grown off the field.

Revenue is set to increase from £140m in 2021 to upward of £400m when the club's most recent financial reports are published later this season, while staff numbers have more than doubled to 550 in recent years.

There has been significant funding in the youth system and the female squad, while hundreds of millions have been pumped into the club to help with day-to-day running costs.

But one query observers may pose is why the financial resources of their Saudi owners hasn't produced greater success.

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

"Since the new ownership were so wealthy, theoretically, a lot of people made an assumption that they were going to buy the way to the top," stated a Newcastle fan analyst.

"Certainly, Newcastle have brought in some excellent internationals like Bruno Guimaraes and Sandro Tonali, but the development of current team members and the signing of players like Dan Burn from the region to bolster that feeling around the club has been massive and crucial."

Such an strategy 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 crucial for Newcastle.

For perspective, Manchester United may have experienced their poorest season in more than four decades last season, but the club still generated 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 latest financial statements from 2023-24.

Acquisition 'Increased' Competitors' Worries

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

But, historically, the sides who spend more on wages pick up 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 implemented in 2013.

But Newcastle 'only' had the eighth highest salary bill in the Premier League just a few years back and the club came mightily close to a PSR breach in June 2024 following years of imbalanced trading.

"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 wished to prevent another City or Chelsea to arise. This is a way of establishing a limitation."

Newcastle are going to have to do things a little differently - and that has been evident since the takeover.

In fact, an unnamed executive previously approached the Premier League on behalf of his club and multiple teams amid concern Newcastle could enter into valuable commercial agreements with Saudi Arabian companies.

He asked that notification was provided of a vote to implement a temporary prohibition on related-party transactions just five days after the buy-out in 2021.

This high-ranking official publicly acknowledged the Newcastle takeover "increased" worries and "encouraged the clubs to seek action" when he was later cross-examined 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 recently appointed chief executive, David Hopkinson, has aimed to find ways to realize the club's "untapped business opportunities".

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

"The team under his leadership were always trying to focus on how do we continue to evolve?" he said. "Maintaining current state keeps you stuck 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. Leading edge, but not experimental were terms we often talked about in watching someone have the first stab at something and then having a proper evaluation."

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 chairman Yasir Al-Rumayyan, the governor of the Saudi Arabian Public Investment Fund (PIF) - who own a majority stake in the club - as well as co-investor Jamie Reuben.

But a rights activist 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 added. "It's about using the global prestige of the Premier League to cleanse a brutal human rights record."

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 "last people who get to choose".

"With financial prioritization, 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, stand up for, or excuse Saudi Arabia's human rights record."