This summer was always likely to be a pivotal one for Newcastle United. The Magpies qualified for the Champions League for the second time in three seasons last term, leading many to believe they would strengthen in the transfer window to take the next step. Instead, Newcastle is struggling to even keep hold of its best players.

Alexander Isak has made clear his desire to depart St James’ Park this summer with Liverpool reportedly interested in signing the Swedish striker. Newcastle had lined up Hugo Ekitike as a potential replacement for Isak, but lost out on the French forward to the Premier League champions.

On top of this, Newcastle has struck out on many of its top targets this summer. Bryan Mbeumo was linked with a move to the North East only for the Cameroonian to favour joining Manchester United from Brentford instead. Mbeumo would have been an excellent addition on the right side of Eddie Howe’s forward line.

Joao Pedro was another target for Newcastle. However, Chelsea beat the Magpies to the punch, signing Pedro for a reported $82m when Newcastle could have used the Brazilian to add quality to the forward line. Matheus Cunha was another reported target. He too chose another option, joining Manchester United from Wolves.

Owned by Saudi Arabia’s Public Investment Fund (PIF), Newcastle is technically the richest club in the Premier League. However, the Premier League’s Profit and Sustainability Rules (PSR) have made it more difficult for the Magpies to climb the table and become genuine title challengers. This summer has made that clearer than ever.

Newcastle might have no choice but to take a Premier League-record fee for Isak from Liverpool and re-invest the money in other areas of its squad. That might be the St James’ Park outfit’s only way to improve while navigating the obstacles presented by PSR and the financial restrictions put in place by the Premier League.

The frustration for Newcastle is that so many of its rivals appear to have strengthened this summer. Liverpool has signed Florian Wirtz and could also snatch Isak from the Magpies. Manchester City has spent the best part of $200m on new signings while Chelsea, Manchester United and Tottenham Hotspur have also been busy.

This upcoming season could be a crucial one for Newcastle. Heading into the summer, Howe and the decision-makers at St James’ Park were surely plotting how to move forward again. Now, they might be satisfied with merely holding their position in the Premier League table to prevent others from bypassing them.