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Eddie Howe isn't typically given to dramatics or grand media statements. Based on his standards, his press conference after Sunday’s loss to West Ham counts as a angry tirade. Newcastle scored first but West Ham took the lead by the interval, as well as hitting the post and seeing a spot-kick overturned by VAR, prompting Howe to execute a triple change at the break.

“That was the frustrating thing about the first half,” the coach said. “Virtually any player could have been substituted and I believe this indicated 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 I have since I’ve been head coach of the club, therefore I believed the team needed a significant change at half-time. That’s why I did what I did.”

Three key players were substituted at the interval and the team managed to steady somewhat in the latter period, but never really looking like they could get back into the game against a side that had won only one of their last nine league matches. Given how packed the middle of the table currently is, with a mere three-point gap separating the top spots from mid-table, and a nine-point margin between the upper and lower ranks, a sequence of 12 points from ten matches has not placed the Magpies stranded but, equally, they cannot finish the season in 13th.

The Problem of Perception

The challenge partially is one of perception. In the Saudi Public Investment Fund, Newcastle possess the richest owners in the world. The assumption when the PIF bought a majority stake of the club in recent years was that it would bring a game-changing impact, as the former Chelsea owner achieved at Stamford Bridge or Sheikh Mansour did at the Etihad. The difference is that those two owners assumed control prior to the introduction of financial fair play regulations (and the current allegations against Manchester City concern if they breached those regulations after they were implemented).

Financial regulations limit the capacity of proprietors, no matter how wealthy, to spend money on their squads and so in that sense likely would have slowed every Saudi attempt to raise Newcastle to the level of City. But it wasn't necessary for Newcastle’s expenditure to have been quite as cautious as it has been; they could have invested further and remained within the limit – or simply taken a fairly minor Uefa penalty given their big issue is primarily with the European than the Premier League regulation.

Stadium Spending and PSR Regulations

Additionally, stadium development is exempted from PSR assessments; the simplest method to raise income to generate more financial flexibility would be to extend or redevelop the arena. Considering the site of the home ground, with protected structures on multiple sides, practically that likely means constructing an completely new venue. There was talk in March of potentially making the nearby relocation to Leazes Park – opposition from community organizations might have been surmounted with a commitment to build a replacement green space on the existing stadium site – but there has not been any progress on that plan. There has been substantial cutbacks from the PIF on a range of initiatives as it refocuses on domestic affairs; the approach to Newcastle appears entirely in alignment with that strategic shift.

Player Sales Situation

The Alexander Isak saga was arose from that conflict. A bolder leadership could have framed his sale as essential to release funds for additional investment; rather there was a vain effort to retain him. That meant the team began the season amidst a feeling of disappointment even with the acquisitions of Woltemade, Yoane Wissa, Jacob Ramsey, Malick Thiaw and Anthony Elanga. The start was indifferent: a single victory in their initial six games.

But it appeared a corner was reached. They secured five victories in six matches before Sunday, a run that featured demolitions of a Belgian side and Benfica in the European competition. That’s why the performance against West Ham was so surprising. The problem maybe is that Newcastle’s approach is extremely intense, high-energy; a slight drop-off in energy can have significant effects. Maybe the strain of Premier League, Champions League and cup competition, five fixtures in a fortnight, had got to them. The German forward featured in each of those games and appeared particularly weary.

The Nature of Contemporary Football

This is the reality of today's football. Managers must be ready to rotate. Howe has been unfortunate that the forward's injury has meant he is short of forward choices but, regardless of how reasonable the reasons, the weekend's performance was inexcusable –particularly after taking the lead at a stadium ready to criticize its home team.

The Newcastle boss will hope it was merely a temporary setback, an off-day when everybody is below par simultaneously, but if Newcastle are to secure the Champions League next season, let alone eventually mount an actual title challenge, they must not be as unreliable as they have been.