Newcastle United: A Project on Pause, or a Project in Peril?

When Newcastle United finally rid themselves of the poisonous Mike Ashley in 2021, it felt like the club would finally be free to fulfil their potential as a giant of English football.

With the backing of the Public Investment Fund (PIF) and a long term vision to propel the club into the worlds spotlight- It almost felt too good to be true for the Newcastle faithful.

An investment group led by #PIF has completed the acquisition of 100% of Newcastle United Football Club @NUFC. pic.twitter.com/EheSktF7fG

— Public Investment Fund (@PIF_en) October 7, 2021

Fast-forward to the 2025 summer transfer window and, despite what looked set to be a transformative window following Champions League qualification last season, the momentum appears to have stalled.

An endless list of targets who have rejected the club, lethargic movements to secure players services and an all-round lack of direction have been staples of a very worrying transfer window thus far.

All of this continued disappointment has led to serious question marks rising around the commitment of PIF to Newcastle United, with their actions regarding their other projects doing nothing to dispel that discourse.

The questions, the uncertainty, the worries are rising- And everyone is wondering what is going on at Newcastle United.

The Illusion of Wealth

The early stages of the project saw Newcastle move in exactly the manner that should be expected of a club looking to explode.

Strategic recruitment was in place. Ambitious enough to warrant a climb up the Premier League hierarchy, but conservative enough to stave off any breaches of financial regulations.

Despite managing to stave off those breaches, Newcastle have still been massively hampered, being forced to not spend in any of the last three windows in order to cement their compliance with PSR.

The Premier League PSR rules are about as fit for purpose as a chocolate teapot. Chelsea FC Holdings made a profit of £128m in 23/24 after selling the women’s team to itself. The parent company BlueCo 22 (which owns the men’s team, the women’s team and…Strasbourg) made a loss of… https://t.co/UfDhtJHqxf pic.twitter.com/ioewcaHDcN

— Kieran Maguire (@KieranMaguire) June 25, 2025

But unlike other clubs who have creatively solved their issues, like Chelsea selling their women's team, Newcastle haven't done any of that.

Usually this would signify the club wanting to do everything by the book, but with rivals exploiting in whatever way they can to spend money, it raises some concerns around possible waning interest.

There is no question that Newcastle's owners are rich, in fact they are categorically the richest in the world, but in the current climate being able to spend that money takes effort and commitment- both of which are currently under scrutiny.

Lack of Strategic Identity

As earlier mentioned, this summer was supposed to be a huge one, it looked like it could finally place the club in a position to compete with the elite- that has not come to fruition.

BREAKING: Newcastle sporting director Paul Mitchell to leave club at the end of June by mutual consent ⚫⚪ pic.twitter.com/NH1AVlL8d0

— Sky Sports News (@SkySportsNews) May 27, 2025

The positions of CEO Darren Eales and Sporting Director Paul Mitchell are yet to be filled after their departures at the beginning of the window, leaving the club with a massive lack of leadership and direction.

Mitchell in particular left after publicly voicing how he believed the recruitment structure was unfit for purpose. A sentiment which angered fans at the time, but has since become an accurately damning description of the inner workings at the club.

And, despite the departures of those mentioned, it is still the recruitment strategy which has been the most baffling of everything.

Bruno Guimarães' $45M move from Lyon to Newcastle is a done deal, per @FabrizioRomano pic.twitter.com/qHEqlibTY1

— B/R Football (@brfootball) January 29, 2022

Previously, Newcastle had targeted players who had the ability to elevate to the elite level and grow with the club- the likes of Bruno Guimaraes and saga ridden Alexander Isak being the most fruitful examples.

This meant that the club weren't competing with those who dwarfed them in size, history or allowed funds for the most sought after talent- and it must be noted that the strategy worked almost flawlessly.

The success rate of signings was second to none and The Magpies looked to have the perfect recipe to continue the growth of the project.

But for no apparent reason, that strategy is no more.

In fact, this summer it has been replaced with one which looks to rival those bigger clubs for those bigger signings.

Why the direction has moved away from scouring the world for hidden gems and instead targeted established, inflated price players is unknown, but undoubtedly perplexing.

Newcastle United this transfer windowpic.twitter.com/EQ7B5NhBiM

— Troll Football (@TrollFootball) August 6, 2025

It has left Newcastle United in a no man's land position which sees them seemingly believe they are too deep into the project to still be targeting those below the elite level, but unable to attract those elite players over the calibre of club they are competing against.

Once again, the only explanation for this lack of strategic identity seems to be a lack of importance placed on the club from those tasked by PIF to oversee the running of Newcastle United.

Conflicted Loyalties?

This is where the waters get a little murky.

PIF are a company with fingers in many different pies across the sporting world. None more prevalent than their involvement and control over four of the Saudi Pro League clubs in Al Hilal, Al Nassr, Al Ahli and Al Ittihad.

🚨 OFFICIAL: Cristiano Ronaldo joins Al Nassr, here we go! Contract valid until 2025 🇵🇹🇸🇦 #Ronaldo pic.twitter.com/HB562KnaTf

— Fabrizio Romano (@FabrizioRomano) December 30, 2022

They have played an integral role in the inflation of the SPL's reputation thus far, with a heavy influence in the acquisition of high-profile signings and aggressive wage offers.

Now inherently this isn't an issue, PIF have so much money that the funds available to Newcastle aren't affected, and there is no indication that the two projects are intertwined in any way other than the people that own them.

But what has become an obvious issue this summer is the players that they are signing for their Saudi League clubs.

PIF have shown a worrying willingness to sign players from those Newcastle are trying to overtake in the Premier League for very hefty prices.

🚨🇸🇦 Understand the contract for Darwin Núñez at Al Hilal will be valid until June 2028, three years.

Darwin opened doors to Hilal last week, contract details are being sorted. Once done, will be here-we-go.

Liverpool will received €53m plus add-ons, as exclusively revealed. pic.twitter.com/rIT5Yldlur

— Fabrizio Romano (@FabrizioRomano) August 6, 2025

The most questionable of all being the eventually failed bid to sign Luis Diaz, and the now completed deal to Sign Darwin Nunez, both from Liverpool. This all happening whilst Newcastle try to keep Alexander Isak after interest and a bid from, you guessed it, Liverpool.

There has also been interest from Saudi Arabia in players of other top English clubs who they are looking to offload such as Anthony at Manchester United.

PIF are actively funding both the PSR compliance, and bids to sign players from Newcastle's rivals. Not to mention giving money to Liverpool which could see them finally get the deal for Isak over the line, massively weakening Newcastle ahead of the coming season.

If they aren't aware of it, the lack of direction and leadership that is currently worrying fans becomes an even bigger problem and arguably reaches crisis point.

If they are aware of it, then that is an admission that PIF don't have Newcastle's best interests at heart, and causes an unfathomable amount of uncertainty around the future of the club under the current ownership.

A Fanbase Left Wondering

By no means is this the worst position the club have ever been in by a long shot, but that doesn't make it any less frustrating for the passionate Geordies with an undying love for Newcastle United.

Lets the other fans have their childish fun. We (Newcastle) were odds on relegated a few season back, now we are a top:6 team, have qualified for CL twice and won a cup. All guided by a fantastic english manager in Eddie Howe ‘Newcastle United will never be defeated’ ⚫️⚪️ #NUFC

— David Ryder (@arydercockhorse) August 5, 2025

There is an awkward silence surrounding the football club despite the media noise that currently engulfs it.

Fans are watching on incredulously as the rejections, sagas and reported 'interest' circulate like clockwork every single day.

From a club with momentum, money and a mission merely three months ago- to one devoid of direction and edging dangerously close to standing still.

There is of course still time for the club to act, and the hope is still there among supporters that the situation can be turned around come the end of the window.

But hesitation is rife and will be punished if it continues.

A sign of intent, interest and commitment is desperately needed to prove that Newcastle's project is still moving forward, and time is running out for that to become a reality.