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The manager's voice trailed off.

"I recall strolling through the training ground when we arrived that initial period," stated the Newcastle United head coach last week. "It was…"

Howe wasn't becoming sentimental, but considering the work needed to enhance the club's tired Benton base following his appointment nearly four years ago.

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

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

In a planning application to upgrade the facility a short time after, it was even stated the training complex fell "significantly below the Premier League and perhaps even Championship standards".

The base has since been updated with hydrotherapy and cold pools, a updated dining area, a athletes' relaxation space 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 did not the wealth of Newcastle's owners guarantee more achievements and trophies?

'We Need More but Progress Will Come'

Matt Ritchie felt it.

He understood what could happen if Howe "got hold of them" and "had some firepower", after previously working with the manager at Bournemouth.

"When I first arrived, I would discuss Eddie Howe and Bournemouth," said the veteran attacker, who played for Newcastle between 2016 and 2024.

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

"I felt delighted that they got to sample it. Until you actually see it and feel it, you don't truly believe you have never experienced such intensity. It's the meticulous planning, the preparation and the drive for betterment - all the things that make Newcastle what they are now."

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

Newcastle, currently 15th in the Premier League, missed out on a several objectives during a exhausting transfer period and lost striker Alexander Isak to Liverpool for a record-breaking £125m.

The club do not have a sporting director after Paul Mitchell left in June, following under twelve months in the post.

And the delay persists for announcements concerning the development of St James' Park and building of a modern training facility.

But this is a team that broke a seven-decade wait to win a major domestic trophy back in March after lifting the Carabao Cup by defeating Liverpool.

They have secured entry to the Champions League in multiple recent campaigns - achieving 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 assumed control.

"Significant transformation just in terms of the overall atmosphere of the club," continued Howe. "Of course, the team has changed. Inevitably, teams develop and transform over time."

"Our operational methods behind the scenes as a football club is completely transformed but, also, if you look around the training ground here, there have been major enhancements. That's what the club needed and continues to need."

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

Trying to Bridge 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 released in the coming months, while staff numbers have more than doubled to 550 in the past few seasons.

There has been significant funding in the academy and the female squad, while hundreds of millions have been invested in the club to help with operational expenses.

But one query observers may pose is why the wealth of their Saudi owners hasn't produced more achievements.

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

"Because 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 existing squad players and the acquisition of players like Dan Burn from the region to strengthen that connection around the club has been significant and crucial."

Such an strategy 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 essential for Newcastle.

For context, Manchester United may have experienced their poorest season 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 commercial income and £160.3m in matchday revenue.

Newcastle, by contrast, raised £83.6m and £50.1m respectively in their latest financial statements from 2023-24.

Buy-out 'Heightened' Rivals' Concerns

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

But, traditionally, the sides who invest higher amounts on wages pick up the most points per game in the Premier League.

Earlier challengers like Manchester City and Chelsea were able to blow their rivals out of the water with superior packages 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 imbalanced trading.

"I'm not necessarily sure these are unforeseen results of the rules," said a football finance expert. "The more Machiavellian view 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 glass ceiling."

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

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

He asked that notification was provided of a vote to implement a short-term ban on affiliated company deals just shortly following the buy-out in 2021.

This high-ranking official 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.

Nobody Should Justify Human Rights Situation in Saudi Arabia'

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

But Newcastle's recently appointed chief executive, David Hopkinson, has aimed to find ways to realize the club's "under-realised commercial potential".

That has not come as a surprise to associate Tom Pistore, who worked 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. "Status quo 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 progressive with a inquisitive nature in new concepts. Leading edge, but not experimental were terms we often talked about in observing early adopters at something and then having a proper evaluation."

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 "with global top clubs".

That remains the future goal of chairman Yasir Al-Rumayyan, the head of the Saudi Arabian Public Investment Fund (PIF) - who hold controlling interest in the club - as well as co-investor 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 problematic rights situation."

A political representative was the first to admit she "wouldn't choose 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.

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