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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 team's manager last week. "It was…"

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

Newcastle had not long been taken over 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 situation on the ground was quite distinct as they battled 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 base has since been modernised with recovery and plunge pools, a updated dining area, a athletes' relaxation space and bigger dressing rooms, among other features, but it is the team that has been completely revolutionized since then.

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

'We Need More but Things Will Change

Matt Ritchie sensed 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 36-year-old winger, who played for Newcastle between 2016 and 2024.

"My teammates would say, 'come on, drop it, he can't have been that good'. But I'd explain there was no stone left unturned."

"I was so pleased that they got to sample it. Without firsthand exposure, you can't fully appreciate you have never worked like that before. It's the attention to detail, the planning and the drive for betterment - all the things that make Newcastle what they are now."

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

Newcastle, presently mid-table in the top division, failed to secure a several objectives during a draining summer window and sold forward Alexander Isak to Liverpool for a British record £125m.

The club lack 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 construction of a new state-of-the-art training ground.

But this is a side that broke a 70-year drought to claim a significant cup back in March after winning the Carabao Cup by defeating Liverpool.

They have qualified for the Champions League in two of the past three seasons - achieving their biggest win 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 general feeling of the club," continued Howe. "Of course, the team has changed. Naturally, teams develop and transform over time."

"The way we're working behind the scenes as a football club is totally different but, also, if you look around the training ground here, there have been big improvements. That's what the club needed and continues to need."

"Further development is necessary, but things will change and gradually evolve over time. It's exciting times 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 more than £400m when the club's most recent financial reports are published in the coming months, while employee count have more than doubled to 550 in recent years.

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

But one question outsiders might be asking is why the wealth of their Saudi owners hasn't produced more achievements.

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

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

"Yes, Newcastle have recruited some top-class players like Bruno Guimaraes and Sandro Tonali, but the progress of existing squad players and the signing 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 discovering methods to create further headroom will be crucial for Newcastle.

For perspective, Manchester United may have endured their poorest season in more than four decades last season, but the club still produced record revenues of £666.5m.

Examining further, Manchester United earned £333.3m worth of commercial income and £160.3m in gate receipts.

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

Acquisition 'Increased' Competitors' Worries

Manchester United have not necessarily optimized their huge income streams, 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 dominate competitors with superior packages before the present regulations were implemented in 2013.

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

"I'm uncertain 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 didn't want another City or Chelsea to emerge. This is a way of establishing a limitation."

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

In fact, an unnamed executive previously approached the Premier League on behalf of his club and 10 others amid apprehension Newcastle could enter into valuable commercial agreements with Saudi Arabian companies.

He requested 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 senior figure openly admitted the Newcastle takeover "heightened" worries and "prompted teams to demand measures" when he was later cross-examined by Manchester City's legal team.

Nobody Should Justify Human Rights Situation in Saudi Arabia'

The APT regulations have been revised and continue to apply.

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

That has been expected to close friend 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. "Maintaining current state 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 inquisitive nature in new concepts. Innovative, but not experimental 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 "with global top clubs".

That remains the long-term ambition of board leader Yasir Al-Rumayyan, the head 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 "goals and glory are diverting attention from human rights issues" 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 brutal human rights record."

A local MP 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".

"With financial prioritization, which the Premier League have, those with the greatest wealth 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."