What’s Gone Wrong For Newcastle United?

Newcastle fans gather outside St James' Park as they wait for Sunderland fans during the Premier League match between Newcastle United and Sunderland at St. James's Park in Newcastle, United Kingdom, on March 22, 2026. (Photo by Mark Cosgrove/News Images/NurPhoto via Getty Images)

NurPhoto via Getty Images

Progress has been slow for Newcastle. While the club qualified for the Champions League quicker than anyone expected when PIF arrived in October 2021, making the steps required to challenge for soccer’s biggest prizes haven’t happened. Instead, Newcastle has regressed badly this season, falling down the league table.

The Premier League’s Profit and Sustainability Rules (PSR) haven’t helped. This limits what clubs like Newcastle United can spend in the transfer market, linking outlay to income. This explains why the club is so focused on either expanding St James’ Park or building a new, larger stadium. Newcastle must find a way to grow revenue as quickly as possible.

Howe has cut a calm and composed figure in recent weeks, even as Newcastle’s league form has plummeted. The 48-year-old is relaxed about PIF’s visit. “It’s something that happens regularly so it's nothing out of the norm for us,” he said. "I always like the chance to talk directly to the owners and to express things from my perspective. It's something we have always done and I look forward to that next week.”

Whatever the outcome of the meetings between Newcastle United’s decision-makers and PIF, the St James’ Park club clearly finds itself at a crossroads. If the Magpies are to become a force to be reckoned with in English and European soccer, this period between now and the start of the summer will be key.

This article was originally published on Forbes.com