There had been so much hope and optimism back in May. The end of a season in which they started slowly but fought and grafted their way from mid-table into the Champions League places.
From 12th in December, to fifth on the final day: proof of progress, consolidation, consistency, that the first Champions League qualification of the new era wasn’t an anomaly. Evidence that they could build and grow.
How perspectives can change in a few short months. Football can be a fragile business, and Newcastle United’s chances of mounting a repeat are cracking before our very eyes.
The warning signs were there when it emerged that highly respected director of football Paul Mitchell was leaving. Not ideal circumstances to navigate a window complicated by PSR but still with bounds of potential.
The Champions League delivered not only significant extra revenue streams, but that glittering, sought-after badge to attract the requisite signings.
Eddie Howe, the manager, wanted the club to buy players early in the window, where possible. But slowly the targets came and went… to other clubs.
There were high hopes Matheus Cunha could be done swiftly, but Manchester United stole in.
That was a blow: particularly that the player still wanted to join one of the worst Manchester United sides in history that had finished 15th, with no immediate offer of European football.
But so, too, did Bryan Mbeumo – another priority target who made clear he wanted to join Manchester United and not Newcastle.
They had a decent shot at signing Liam Delap, available for a bargain fee of £30m after Ipswich were relegated, but were big-footed when Chelsea made a move.
Losing Joao Pedro to Chelsea will be the one that arguably stings the most (depending what happens with Alexander Isak): a £50m bid rejected by Brighton, then a £60m transfer to Chelsea effectively funded via Newcastle’s own owners, after Saudi channelled a billion dollars into the Club World Cup via the backdoor of a stake in DAZN – £85m of which went to Chelsea.
James Trafford is a key target, but Newcastle have baulked at Burnley’s £40m asking price for the goalkeeper.
Dean Huijsen, whose stock soared after his performances for Bournemouth last season, was high on a defensive shortlist, but had to have a line drawn through his name when Real Madrid swooped in.
“We’ve had a frustrating time in terms of losing targets to other clubs,” Howe conceded after the pre-season friendly defeat to Celtic. “I’d be very open with that. That’s happened on several occasions. You just have to accept it.”
He added: “We’re seeking players that are good enough, that are desperate to come, and that can make the difference but they’re in short supply for us.”
Admitting you’ve missed out on targets is one thing. Admitting players that are good enough and desperate to join your club are in short supply is quite another.
And still it goes on, Newcastle appearing to be outplayed by Liverpool when it comes to strikers. The story goes that Liverpool told Newcastle to sell them Isak or they would move for Hugo Ekitike, who Newcastle had already offered around £70m to Eintracht Frankfurt to sign.
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Newcastle were adamant they would not sell Isak, so Liverpool signed Ekitike, for a deal that could reach £79m, and could yet get Isak, too, if recent events are anything to go by.
Isak has not flown out to Newcastle’s pre-season tour and is said to have asked the club to explore alternative options (the club maintain Isak has a minor thigh injury that wasn’t worth risking on the flight).
Newcastle fans may want to read this next bit through their fingers, but even though Liverpool have spent well over £200m, if they sell Luis Diaz, who is of interest to Bayern Munich, and move on Darwin Nunez, then you can see how it could be possible.
At this stage, Newcastle fans are well within their rights to question what’s going on, why more hasn’t been done.
The £55m spent on Anthony Elanga is, clearly, a step in the right direction. But it’s nothing when their Champions League and top-six rivals have spent close to £1bn already, many on their own key targets, and are striding ahead.
They have had a £25m bid for Yoane Wissa rejected by Brentford, and it has reached the stage where they might want to start throwing a bit more money at players, before someone else decides to beat them to it.
There was the time Spurs spent the Gareth Bale money on Paulinho, Roberto Soldado, Nacer Chadli, Etienne Capoue, Vlad Chiriches and Erik Lamela, but even that included signing Christian Eriksen for £12m.
And the time Manchester United spent around £200m on Mason Mount, Andre Onana and Rasmus Hojlund.
Unless Newcastle turn things around, this will be a window of wasted potential and missed opportunity that will be right up there with them.
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