When Callum Wilson came off against Manchester City feeling his hamstring, Newcastle United switched tack. Alexander Isak had been viewed as an aspirational target by the club’s transfer committee. He had been tracked for years by Steve Nickson, their head of recruitment, but was seen as probably just beyond their means — yet Wilson’s injury was a moment for flexibility and movement. Just like that, they changed direction.
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This was St James’ Park on August 21, 11 days before the transfer window closed. The presence of Yasir Al-Rumayyan, Newcastle’s chairman and the governor of Saudi Arabia’s Public Investment Fund (PIF), the club’s controversial 80 per cent owners, was key. Eddie Howe’s team excelled against the Premier League champions, drawing 3-3, and Al-Rumayyan walked down the steps of the Milburn Stand at full-time to congratulate the head coach and his players.
Wilson had scored his second goal in three games, but would now be out for a number of weeks. Newcastle, who were already light on forwards, needed reinforcements and Isak had long been top of their wanted list. Al-Rumayyan, who likes to feel the game and be involved, wanted to “do something big” that had a positive effect on the team, The Athletic has been told. The committee voted; their decision to go after Isak was unanimous.
This was not a knee-jerk response, insiders insist. Quite the opposite; in the spring, Isak had been their preferred striker, but a prohibitive price, questions over his availability and Wilson’s good form encouraged them to prioritise other areas of the team. Earlier in the year, the 22-year-old was less minded to move to Tyneside, but Newcastle continued to win and continued to sell their story. Finally, he was persuaded they were not going away. He bought in.
As well as signing Nick Pope, the goalkeeper, and bolstering their defence with Sven Botman and Matt Targett, Newcastle had been tracking young, versatile forwards. Having failed to sign Hugo Ekitike after a protracted courtship and then getting bogged down in negotiations with Watford over Joao Pedro, their approach to Real Sociedad for Isak felt like a dramatic change of pace. Five days after the City match, he was signed for a club-record fee of around £60million ($69.2m).
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At the end of last season, senior sources said Newcastle anticipated spending around £60-80million this summer — “It’s not going to be massive,” one said, requesting anonymity — which was emblematic of their organic pathway towards improvement. In the end, that figure was blown out of the water; an £118million net outlay is one of the highest across Europe. It was not a bluff. “Financial fair play is still a concern,” the same source says. “It just means that commercially, we’re going to have to work twice as hard.”
As it turns out, Isak was Newcastle’s final senior arrival of the window. Efforts to bring in a midfielder to cover Jonjo Shelvey’s three-month absence fizzled out, despite late interest in Leicester City’s Youri Tielemans, Aston Villa’s Douglas Luiz and Wolverhampton Wanderers’ Leander Dendoncker, while loan bids for Christian Pulisic and Conor Gallagher of Chelsea and Arsenal’s Ainsley Maitland-Niles in part failed because the club are now seen as upwardly mobile and potential threats to the established order.
In that context, the Swede’s signing and the story around it illustrates enormous change. Firstly, the way events can oblige a club to pivot — see also Newcastle’s late failed attempts to bring in Harrison Ashby, the 20-year-old West Ham United right-back, to compensate for Emil Krafth’s ACL injury — and, far more importantly, the difference a year makes on Gallowgate. Any frustrations being felt now are about making a good team better rather than making a failing team even vaguely competitive.
A good starting point for perspective is deadline day 12 months ago, when Steve Bruce was trying to sign Leicester’s Hamza Choudhury on loan, hours after Newcastle briefed reporters their business was done. A couple of days later came that cold, unsigned statement that read like a slap down to the head coach: “Internally, all parties have long been aware of the budgetary parameters under which we are operating,” it read.
A year on, the final 24 hours of the window were once again quiet barring some outgoings, but in every other regard, the divergence is stark. Since January, Newcastle have spent upwards of £210million on eight new players, smashing their transfer record in the process. Compare and contrast: over the two previous windows, it was £25million and they signed Joe Willock twice. Using this very basic metric, it is difficult to stick to the club’s mantra post-takeover of evolution not revolution.
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In another sense, though, it is all in keeping with the notion of building; building on what they have, addressing weaknesses and looking to the future. There has been no ridiculous splurge on a global superstar who might unlock doors for Newcastle while shattering their wage structure and jeopardising the sense of togetherness, which remains a feature of the first-team squad. Just as in January, character and personality has been at the heart of their dealings.
Back then, in scenes of focused frenzy, Newcastle did what they needed to do to stay up, signing players from Burnley, Brighton and Villa and selling the project to Kieran Trippier, a La Liga winner at Atletico Madrid and another veteran of the Premier League. The one exception was Bruno Guimaraes, the 24-year-old Brazil international who brought stardust and a glimpse of the club they want to be.
This summer, the mood has been less manic and the split more equitable; Pope, again from Burnley, Targett’s loan from Villa converted into a permanent transfer, Botman and then Isak. Botman, Guimaraes and Isak are all in their early-20s and they and Pope will become Newcastle’s spine, bringing down the squad’s average age. It is less about sell-on value than “push-on” value, as they phrase it inside the club.
At the end of last season, Howe recognised he needed to strike a delicate balance; to temper expectations while maintaining the exciting momentum he had helped create. The head coach recognised his squad had overperformed during the first six months of 2022 and maintaining top-four form was simply unsustainable, especially unless significant reinforcements arrived.
As Newcastle set about on their recruitment drive, there was a conscious effort to reduce the age of the squad. Three of the players signed in January were 29 and above, but the focus shifted to those 26 or under for outfield targets.
Even before the window opened, Newcastle were quoted “ludicrous fees”, according to well-placed sources, when making tentative enquiries. Everton’s Dominic Calvert-Lewin, Brentford’s Ivan Toney and Bayer Leverkusen’s Moussa Diaby were going to cost north of £50million each.
At that stage, Nicky Hammond, the former Celtic and Reading director of football, was still being consulted on an ad-hoc basis, and there was a debate internally as to whether Newcastle were better using their budget signing a couple of top-class individuals or spreading it over several players. There was an acceptance there was “little to no chance” of all their top targets arriving, yet there was a desire to push for as many as possible.
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By mid-May, with Howe adamant he could not effectively perform a dual role as head coach and de facto director of football for a second window in succession, Newcastle resumed negotiations with Brighton to extract Dan Ashworth from his nine-month notice period. A multi-million-pound fee was agreed and, once the Premier League approved it, Ashworth officially began his role as sporting director on June 6, while Howe was holidaying on the west coast of the USA.
Rather than radically revamp the blueprint, Ashworth followed the strategy already laid out, though he did take over leading most negotiations with agents and clubs.
He met with the representatives of Newcastle’s youngsters, too, taking a particular interest in Elliot Anderson’s development, during a summer in which “dozens” of loan offers were rejected for the 19-year-old attacking midfielder to remain with the first team. One agent described Ashworth as “really, really impressive” compared to his St James’ predecessors. There was also an increased desire to bolster the under-21 system, with Alex Murphy, Charlie McArthur, Jordan Hackett and Jude Smith arriving as new recruits.
Targett’s return may have been concluded during Ashworth’s first week, but that deal was already agreed. Howe did consider alternative left-backs, particularly more offensive-minded ones such as Atletico Madrid’s Renan Lodi, but the potential cost and the risk of the time it may take for the Brazilian to adapt to English football led them back to Targett.
Having paid a £3million loan in January, when Amanda Staveley, one of the club’s minority owners, handled negotiations, the framework of a £12million deal was in place to acquire the 26-year-old permanently. Given how seamlessly Targett had slotted in and his popularity within the squad — Guimaraes had encouraged Newcastle to keep him — Howe sanctioned the move before the clause elapsed and to ease some nerves that some business had been concluded early.
Then silly season started. Alongside claims of a massive wage offer to Philippe Coutinho, the French media floated Newcastle as a potential destination for Neymar and Julian Draxler. In Spain, Newcastle were cited as suitors for Marcos Asensio, while Italian newspaper Corriere dello Sport splashed a story on their front page claiming a £50million offer had been lodged for Roma’s Lorenzo Pellegrini.
Although Newcastle had ambitious targets like Diaby and Isak, they were adamant they would not break their wage structure and players on more than £150,000 a week were dismissed. Jesse Lingard, courted in January, was no longer of interest due to his salary demands and age.
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By the end of June, though, the message had filtered through that St James’ was not a lucrative retirement home, with a leading Spanish agent saying everyone had stopped talking about Newcastle in relation to unwanted players at top clubs.
Instead, Newcastle’s focus was on bolstering their goalkeeper department.
Following Burnley’s relegation, they made an under-the-radar £11million move for Pope. Howe tried to take him to Bournemouth previously and, although other keepers were considered — a loan enquiry was made for Chelsea’s Kepa Arrizabalaga, while Arsenal’s Bernd Leno, Paris Saint-Germain’s Alphonse Areola and Brighton’s Robert Sanchez featured during discussions — Pope’s Premier League experience, shot-stopping and sweeper-keeper skills made him an ideal fit, even if his kicking is more suspect.
Remarkably, Newcastle paid just £3million up front for Pope, with three further instalments of £2.3million due over three years. It is an example of Newcastle’s shift from Ashley’s preference of a lump-sum transaction to a structured approach, one which better suits their cashflow needs. Multiple recruitment officials have privately declared the Pope transfer as one of the deals of the window, given how cheaply Newcastle secured an England international.
Still, although Pope’s arrival on June 23 improved Newcastle’s first XI and helped their transition to a higher defensive line, it unsettled Martin Dubravka. The 33-year-old was frustrated at being usurped as No 1 and, while Howe wanted to keep Dubravka, the Slovakia international was keen to depart once Manchester United made an approach.
Some fans questioned Dubravka’s decision to trade deputy duties at St James’ for Old Trafford, but arriving somewhere as a No 2 and being demoted to that position is the key difference, as is the lure of Manchester United. Reluctantly, Howe acquiesced when Newcastle accepted a loan with a £6million option to buy, which becomes an obligation if Dubravka plays a significant number of Premier League matches, even if the head coach wanted to retain depth, having already allowed Freddie Woodman to join Preston North End. There is a January recall clause for Dubravka, though.
Meanwhile, Ashworth’s early priority was actually to ship out those players who were surplus to requirements, a far-from-straightforward task given their contract lengths and wages.
There was a recognition that Newcastle lacked “saleable assets” that could be moved on and the money reinvested — aside from Allan Saint-Maximin, who Howe did not want to lose, with suitors put off by a price tag of more than £45million, and Bruno Guimaraes, who was linked with Real Madrid but was considered “irreplaceable” — yet the squad size still needed reducing.
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First, Isaac Hayden joined Norwich City, with Ashworth negotiating a loan with an obligation to buy should promotion be achieved. Ciaran Clark and Jeff Hendrick were loaned to Sheffield United and Reading respectively, while Dwight Gayle joined Stoke City on a permanent deal. On deadline day, Federico Fernandez headed to Elche, keen for regular game time, while Matty Longstaff moved to League Two Colchester United until January and Kell Watts joined Peterborough United.
Although Newcastle are paying a significant portion of their wages, at least they are elsewhere.
In many ways, Botman was a January signing, delayed. He was a day-one target of Newcastle’s new regime, scouted and discussed intensively by the recruitment team following the takeover. They had looked at up to 20 central defenders — including Manchester City’s Nathan Ake and Bournemouth’s Lloyd Kelly, Howe’s former charges, and Rennes’ Nayef Aguerd — but the Netherlands Under-21 international was always “top of the list”, something that was cemented when Howe, who has the final say on transfers, was appointed.
Howe was “all-in” on Botman, a 6ft 4in (193cm) giant who would make Newcastle a taller, more dominant and athletic team. “Sven is incredibly talented and physically he’s a machine,” one source at the club, who spoke on condition of not being named, said. “He’s also a really good character and that’s really important to Eddie. So many players have been linked to us, but once you scratch at the surface you see a different side. It’s not that we couldn’t get them — we didn’t want them.”
Amid the frantic activity of the winter window, the bulk of negotiations and calls were conducted by Mehrdad Ghodoussi and Jamie Reuben. There was always confidence that Botman wanted to sign, in spite of AC Milan dangling a carrot in front of him and Lille’s attempts to eke out more money in what was an early example of the so-called “Saudi tax”, but Newcastle simply refused to meet the French club’s £37million valuation.
This insistence on value has become a theme. As Isak demonstrates, just as the £25million they paid for Chris Wood eight months ago does the same, Newcastle are prepared to compromise on price when it is necessary, but the idea that they will throw money around on wages and fees willy-nilly has been banished. Their tough stance worked.
In January, they pivoted to Brighton’s Geordie centre-half Dan Burn, another tall, natural left-footer, but returning for Botman this summer was always the intention rather than to Diego Carlos, who, at 29, was deemed too old. “It was a big deal for us,” the source says. “The core of any team is its spine and the defence. Dan is fantastic but he’s 30 and we also have to think about the future.” Botman is another prime example of Newcastle’s long-term quest for “push-on” value.
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Botman’s arrival was confirmed after Ashworth’s spell on gardening leave came to an end, but that had little to do with the breakthrough, in spite of the sporting director green-lighting their targets. Though Ashworth was involved, the final push in talks again came from Ghodoussi and Reuben, whose uncle, Simon, is understood to have spoken directly with the Ligue 1 club’s ownership. Those personal relationships at the highest level were seen as pivotal.
The deal was eventually concluded at Newcastle’s original price of around £32million. It may have taken longer than they would have liked — Lille requested a delay in the announcement for financial reasons — but it represents another case of the club’s alignment, a favourite word post-takeover. “It was a collective effort, everyone in it together, just the same as on the pitch,” the source says. “That’s at the core of how we work. We never gave up.”
Newcastle’s persistence did not always pay off.
Having concluded three senior signings by July 1 for the first time since 2011-12, there was a lengthy 59-day gap before their final senior addition arrived, and the first to augment their attack.
While Botman and Isak were eventually lured to Tyneside, they fell agonisingly short in their seven-month pursuit of Ekitike. Although the initial transfer collapsed on deadline day in January, Newcastle maintained regular contact with Reims and, by the start of June, had agreed a fee rising to £25million for the 20-year-old.
Newcastle were willing to pay a higher figure if Reims accepted it would be spread over several years — at one point an initial two-year loan, followed by a permanent deal, was mooted but rejected — and it was more than PSG were offering. Although sources insist the transfer was “90-to-95 per cent” concluded, unrealistic agent-fee demands stalled progress and, after a month, Newcastle switched attention elsewhere, recognising that Ekitike was holding out for PSG, who he joined on loan.
Insiders accept that missing out on Ekitike was a “setback” that led to a “rethink”. They paused to assess the market.
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Able to play anywhere across the front line and young enough to be left out of the 25-man squad, Ekitike appeared to be the ideal recruit and finding someone with a similar profile and vast potential proved difficult, so alternative plans were considered. “You start a window with one idea and end with another,” as Howe phrased it.
To help with cashflow — not just on transfers — Newcastle took out a loan facility with HSBC, guaranteed against TV revenue and ticket sales for the campaign. It is understood to be worth up to £75million, which is modest by Premier League standards, with Villa’s thought to be larger, for example. It did not immediately lead to a transfer breakthrough, however.
Throughout July and August, a host of players were considered across a range of offensive positions.
Howe repeatedly pressed for Jack Harrison, who is into the final two years of his Leeds United contract. Kalvin Phillips and Rafinha were admired on Tyneside, but were never deemed achievable, though Harrison was, with Newcastle receiving encouragement he would join.
Two offers were made, several weeks apart, with the second less than £25million, and Angus Kinnear, Leeds’ chief executive, dismissed it as being enough to simply buy Harrison’s “right leg”. In early August, Andrea Radrizzani, Leeds’ owner, told The Athletic, “Jack stays here.”
That was indicative of some clubs’ view of what they saw as Newcastle’s low-ball offers for their players. Leicester deemed Newcastle’s bids for James Maddison, which were around £40million, as borderline derisory, even if the 25-year-old was also into the final two years of his deal.
Forwards and wingers had been the focus throughout the summer, but the move for Maddison, who was directly involved in 20 league goals last season, showed Newcastle were willing to be “adaptable”, as Howe termed it, by adding goals to other areas of the team. Shelvey’s hamstring injury, suffered in pre-season in Portugal, also played a role and brought another shift.
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It soon emerged that Maddison was in discussions over a new contract, just like Anthony Gordon at Everton. In early July, Ashworth called Kevin Thelwell, Everton’s director of football, and wondered aloud whether £35million might tempt them to sell Gordon. When he was told otherwise, Newcastle switched focus and were surprised when their interest in Gordon was leaked around 10 days later.
Throughout the window, there was hope on Tyneside that Staveley’s relationship with Todd Boehly, Chelsea’s owner, would lead to at least one player moving from Stamford Bridge to St James’. Armando Broja, Timo Werner and Callum Hudson-Odoi were floated, though Howe was more keen on Gallagher and Pulisic, but Chelsea opted against letting either of the pair depart, despite Staveley and Ghodoussi attending the Tottenham Hotspur match in west London on August 15.
During July, Leicester’s Harvey Barnes, Red Bull Salzburg’s Benjamin Sesko, Porto’s Pepe, Benfica’s Goncalo Ramos, Villa’s Carney Chukwuemeka and Burnley’s Maxwel Cornet were among the attackers Newcastle discussed. It is understood that Ashworth also called Blackburn Rovers to ask about Ben Brereton Diaz in mid-August. Interestingly, Nickson even travelled to Brazil to watch Santos’ 2-1 loss to Flamengo in July to track Angelo Gabriel, a versatile 17-year-old forward, who Newcastle continue to monitor.
Although they were repeatedly linked with Lyon’s Lucas Paqueta, he was never a priority target, though he was briefly considered during the final fortnight of the window.
By August 12, though, Newcastle had launched a first bid for Pedro, having opted for the Brazilian ahead of Rennes’ Martin Terrier. Aged 20, Pedro, like Ekitike, could have been named outside of the squad and his ability to play out wide and through the middle made him attractive. Someone who had worked with the Newcastle head coach previously described Pedro as a “very Eddie Howe player”.
Negotiations with Watford continued for around 10 days, with Newcastle submitting an improved, take-it-or-leave it bid worth £25million plus £5m in add-ons. However, Newcastle “reacted slightly off the bat”, Howe admitted, by diverting their attention during the final 10 days of the window to breaking their transfer record for an out-and-out forward in Isak instead.
Is Howe’s team the finished article? Far from it, but nor could it be over the space of a few months, a spell which began with the overwhelming need to avoid relegation. There is an acknowledgement that there will be moments when the team’s form dips, but there is also a determination within the squad to give it a go in a season which is already looking unpredictable.
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Newcastle rebuffed enquiries for Wood as the clock ticked down and there is still a feeling that they lack forward options, with the winger Howe sought unsigned, and potentially stretched in midfield following Shelvey’s injury. But, with their best players fit, they have shown themselves capable of drawing with Manchester City and without them, they are good enough to give Liverpool a scare, even if their late defeat at Anfield was painful.
Bit by bit, they are getting better and January is in front of them, with the prevailing thought being, “If there is anything really outstanding, then we’ll do it.” That proved the case with Isak; before the City match, senior sources indicated that Newcastle still ideally wanted two permanent signings. In the end, it was one, but a big one.
Newcastle’s investment has been hefty — they have never spent more during a window — but it has also been subtle and precise, moving on when they have needed to, digging in where they feel it’s right. All of it is transformational. “We think we’ve done pretty well,” says the source. And there is no dysfunction, which still comes as a nice surprise. For once, no arguments.