Newcastle United have gone from relegation favourites to European hopefuls in the course of a single year. The takeover which was welcomed by thousands of jubilant fans on the steps of St James' Park has already made its mark.
The 'richest club in the world' label which has been applied to the Magpies ever since does not tell the whole truth however. Eddie Howe has been backed with a transfer spend in excess of £200 million in just two windows, yet the decadent arrival of superstars some predicted has not materialised.
Financial Fair Play and UEFA's own regulations prevent Newcastle from taking the carefree approach which catapulted Chelsea and Manchester City to the summit. Mike Ashley's turbulent tenure gave the new owners an immediate opportunity to invest, but the chronic lack of investment left a legacy problem which will take years to address.
