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, which have dominated English soccer over the past decade, and Qatari-backed Paris Saint-Germain, which have done likewise in France, it has been a slower burn for Newcastle, which hope to end their trophy drought on Sunday when they face Liverpool in the English League Cup final at Wembley.

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, which have dominated English football over the past decade, and Qatari-backed Paris Saint-Germain, which have done likewise in France, it has been a slower burn for Newcastle, which hope to end their 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 have nothing like the spending power they might have had if not for restrictions from football's governing bodies.

The Premier League profit and sustainability rules (PSR) allow clubs to lose a maximum of 105 million pounds ($130 million) over a three-year period or face sanctions, including points deductions.

In the three years since their takeover, Newcastle reported losses of 70.7 million pounds in 2022 ($91 million), 71.8 million pounds ($92.8 million) in 2023 and 11.1 million pounds ($14.4 million) in their latest accounts released this month.

Certain areas of spending are not included in PSR calculations, meaning Newcastle have remained compliant with the rules, but they have had to curb spending on transfers.

After splashing around $450 million on signings in the first three years under Saudi ownership, Newcastle spent around $36 million last summer and recouped around $100 million in sales.

That is in contrast to the mega spending that catapulted City and PSG to dominance.

City were bought by the ruling family of Abu Dhabi in 2008 and immediately became one of the richest clubs in the world. On the back of signing superstars like Yaya Toure, Sergio Aguero, Kevin de Bruyne and Erling Haaland, they have won 20 major titles.

PSG, owned by Qatar Sports Investments since 2011, signed some of the biggest names in the sport including Zlatan Ibrahimovic, Kylian Mbappe, Neymar and Lionel Messi. They have won 10 French leagues in that time.

The exorbitant spending by City and PSG breached UEFA’s FFP rules. What's more, City have been accused by the Premier League of breaching more than 100 of its financial rules over a nine-year period, and are awaiting the outcome of an independent hearing.

Newcastle say their approach is to make “long-term, patient investment,” and while that led to a return to the Champions League for the first time in 20 years last season, the trophy wait goes on.

Even as one of English football's iconic teams, Newcastle haven’t won a major domestic trophy since the 1955 FA Cup. The now defunct Inter-Cities Fairs Cup in 1969 was their last major title.

There have been near misses and painful lows in the intervening years. Football greats have come and gone and the club have been awash with money on more than one occasion.

That wait for an elusive trophy could end on Sunday against a Liverpool team that are cruising toward a record-equaling 20th English league title.

But even that would seem like a modest return after almost four years of Saudi backing.

(For more sports news and updates, follow Ahram Online Sports on Twitter at @AO_Sports and on Facebook at AhramOnlineSports.)

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