Why Saudi cash has not been able to turn Newcastle into a football superpower

Despite being bought by Saudi Arabia's sovereign wealth fund in 2021, Newcastle United are still waiting for their first major domestic trophy in 70 years.

- AGENCIES LONDON, 3 MAY

That may come as a surprise to anyone who thought access to Saudi oil riches would dramatically improve the Premier League club.

Unlike Abu Dhabi-backed Manchester City, who have dominated English football over the past decade, and Qatari-backed Paris Saint-Germain (PSG), who have done likewise in France, it has been a slower burn for Newcastle, who hope to end its trophy drought on Sunday when they face Liverpool in the English League Cup final at Wembley.

That is largely because these are different times and having mega-wealthy owners today does not give teams the freedom to spend as exorbitantly as they once did.

Financial Fair Play (FFP) regulations essentially ensure teams can spend only in relation to what they earn.

So while Saudi Arabia's Public Investment Fund states it has around $925 billion in assets, Newcastle has nothing like the spending power it might have had if not for restrictions from soccer's governing bodies.