How does Newcastle’s life under new ownership compare to Man City’s early years? | OneFootball

Newcastle United‘s Carabao Cup final win over Liverpool on Sunday famously ended the club’s 70-year domestic trophy drought.

But, perhaps just as significantly, it also marked the first piece of silverware for the Magpies since they were purchased by Saudi Arabia’s Public Investment Fund in October 2021.

Here, we’ve compared how Newcastle’s first three and a half years under their new ownership compares to Manchester City‘s early fortunes following their Arab takeover in September 2008.

Performance under new ownership

Newcastle

Since Newcastle were purchased by the Saudis in 2021, they have enjoyed some competitive finishes in the Premier League table. In the first season of their new era, they finished 11th — a one-place improvement from the season before.

In 2022-23, Newcastle finished fourth, sealing Champions League qualification for the first time in 20 years. But on their return to Europe’s biggest stage, the Magpies were bounced in the group stage and saw a general halt in progress in 2023-24.

Last season, they slipped back down to seventh, but have recovered in 2024-25, as they currently sit sixth, just two points off the top four. With the arrival of Lewis Hall from Chelsea, the return of Sandro Tonali from his gambling suspension, and the rise of Alexander Isak as one of Europe’s most prolific frontmen, all the pieces have fallen into place for the upward-pointing Newcastle.

Man City

Meanwhile, Man City finished 10th in their first season under Emirati ownership in 2008-09 — one position lower than they managed the season prior. This came despite a sudden influx of high-profile players, which included the club breaking the British transfer record.

In the summer leading up to the 2009-10 season, Man City spent an unprecedented £125m on new signings, and it showed in their performance as they improved to fifth. The season after, Roberto Mancini led the Citizens to their first piece of silverware under their new ownership, when they won the FA Cup in 2011.

Man City’s exponential progression continued into the 2011-12 season, when they won their first top-flight title since 1967-68, by virtue of ‘that’ Sergio Aguero moment. Three years later, and the once ‘little City’ have grown into a giant of English football, enjoying arguably the most dominant decade in Premier League history under Pep Guardiola.

Which owners have done a better job?

With all the numbers laid out, it may appear that Man City’s Abu Dhabi United Group have outperformed Newcastle’s Saudi Arabian ownership. But to make such a judgement would be superficial, especially without considering the context of both take-overs.

Let’s first look at both clubs’ transfer spending. At a glance, Newcastle’s £396m compared to Man City’s £485m does not look like a stark difference. But when plugging the latter’s total spending into a football inflation calculator (which equates the value of past transfers to what they would be worth in today’s market), Man City would have spent around £1.6billion across four seasons in ‘today’s money’.

Not to mention, Newcastle are now bound by strict PSR rules, which limit clubs to a maximum loss of £105m over a rolling three-year period to prevent excessive spending. Man City did not have to navigate such rules in the late 2000s. This gave them more leeway to splash money where they wished, inevitably making it easier for them to improve as a club.

It’s not like Man City didn’t face any obstacles, though – they still had to stay within FFP rules. However, it just so happens to be the case that their 115 charges from the Premier League mainly relate to financial rule breaches from 2009 to 2018, including misrepresented revenue, hidden payments and understated costs – all to avoid these very FFP infringements.

So, while it is inarguable that Man City’s progress on the pitch has been better than Newcastle’s within the same timeframe following their take-overs, the former’s financial activities must be taken into account. We’re comparing two different eras of football; back then, to break the bank and spend over £100m in a transfer window was a feat only Chelsea acheived in 2003-04. Now, it’s common practice.

If Newcastle and their Saudi ownership were placed in 2008 in Man City’s situation, there’s every chance they perform just as well. It cannot be said with certainty that Man City’s owners did a better job over four seasons, as they simply faced fewer stumbling blocks.