Published: 21:22, 12 January 2026 | Updated: 21:22, 12 January 2026

When Manchester City’s Abu Dhabi owners completed their takeover in 2008, they set about building a new football club. 

In the short term, player acquisitions were the driving force, but when spades went into the ground and cranes rose into the sky, the club’s ascent was accelerated and its future underpinned.

More than four years into the Saudi-led ownership of Newcastle, such foundations remain largely aspirational. That is why 2026 must be the year in which the Public Investment Fund of Saudi Arabia signal their ambition, not by promises, but by some very public investment. Those close to the ownership do not dispute that this moment has arrived.

Tuesday night’s Carabao Cup semi-final against City brings into focus the off-field disparity that still exists. Newcastle cannot cite PSR, either. There are no spending restrictions when it comes to training grounds, stadiums and regeneration projects. 

The blueprint of what a major power looks like resides in the Sky Blue reality of what City have created in east Manchester. For now, on Tyneside,...