Jamie Reuben has dismissed the early 'expectation' of superstar signings at Newcastle United while outlining the club's long-term strategy to adhere to Financial Fair Play. The Magpies co-owner also predicted Chelsea will 'push on' next season after being asked for his assessment on their outlay of almost £600 million so far under Todd Boehly.
Newcastle's owners have already invested in the region of £250m in transfers since the takeover was confirmed in October 2021. An initial January splurge followed to help guarantee survival, with Eddie Howe's first full season in charge culminating in a top-four finish after a first domestic cup final appearance at Wembley in 24 years.
Emerging stars from Europe such as Sven Botman, Bruno Guimaraes, and Alexander Isak have been supplemented by proven top-flight performers like Dan Burn and Kieran Trippier. It is a far cry from the rumours which swirled around St James' Park in the first weeks and months of the new era, with superstars such as Gareth Bale, Eden Hazard and even Kylian Mbappe linked.
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Reuben insists the acquisition of reported targets in this bracket was never part of the plans, especially given the team's predicament at the time of the takeover. The businessman then illustrated the need to invest off the field in order to increase their capacity to compete with the biggest spenders in the transfer market.
Asked about the early suggestions of signing the likes of Robert Lewandowski and Kylian Mbappe, Reuben told the Business of Sport podcast: "I think there was that expectation. I think the problem with that expectation is not what we've communicated, that this was a long-term investment strategy. Secondary, we were second bottom of the league, the only team in English football as of December last year not to have won a game.
Explaining the costs of running the club, Newcastle's co-owner added: "It's a correlation of what you're goals and ambitions are. So if you want to elevate the team, we've seen transfer prices keep going up so it costs money to bring in players. It seems like that will continue to go up, there might be blips but that seems to be on an upward track.
"In order to meet Financial Fair Play which we're adamant we're going to do, we're going to play by the rules. We're long-term investors, you need to invest in your stadium, you need to invest in your infrastructure, you need to invest in other non-footballing parts of your business to get the commercial revenue up in order to financially invest on the pitch and elevate your status which is a longer-term plan.
"Especially with some of the other clubs, you've seen the amounts they've spent. Financial Fair Play means we can't do that just yet, and so we have to make sure our pound really has to go farther than a Manchester City, a Chelsea, or a Liverpool."
Newcastle's newfound wealth and the speed of their revival has led to inevitable criticism of their recent spending. However, the Magpies' investment has not exceeded some of their Premier League rivals, and was dwarfed by Chelsea's recruitment.
Boehly spent a reported £566m in his first season at Stamford Bridge in what was a troubled campaign. Thomas Tuchel and Graham Potter were both dismissed, while interim boss Frank Lampard was unable to revive the team's fortunes as they limped to a 12th-placed finish.
Reuben was careful in his response when asked for his verdict on the Blues' transfer strategy. The co-owner pointed to Newcastle's own transformation as an example of how quickly things can turn in football, stressing his belief they will rival the Magpies and the division's elite again next season.
Reuben said: "They're both friends of mine and off the field I definitely wish them the best. They've definitely brought in some very, very good players. It's a shame it hasn't worked out for them, but it can. It can next year.
"They've definitely brought in some very high-quality players and you know what? It can change on a dime. Last year, we were fighting relegation. This year, we're pushing towards a Champions League space.
"So next year, I wouldn't be totally surprised to see Chelsea pushing on, and it can change very quickly. They've spent a lot of money, and those sort of sums would be difficult for us."
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