The only way is up for Newcastle United.
Mike Ashley's exit and the Saudi Arabian Public Investment Fund's (PIF) subsequent takeover in October 2021 has facilitated a major resurgence on Tyneside. Eddie Howe, meanwhile, has coached masterfully since his arrival.
The Magpies are now blessed with all the financial might an elite football club requires, but it is Howe's shrewd coaching and the club's savvy approach to recruitment that has helped Newcastle re-emerge as a serious Premier League force.
Sure, a lot of money has been spent by the new owners, but each signing since the start of the 2022 January transfer window has been purposeful and worthwhile.
Here's all the business Newcastle have conducted under PIF's ownership so far.
Every Newcastle signing under PIF
7 January, 2022
13 January, 2022
30 January, 2022
31 January, 2022
Undisclosed loan fee
Brighton & Hove Albion
31 January, 2022
8 June, 2022
24 June, 2022
1 July, 2022
26 August, 2022
Central Coast Mariners
30 September, 2022
TOTAL SPEND: £210.3m
How much Newcastle have spent under PIF
Newcastle's total spent since PIF's arrival is approximately £210m. The Magpies did an excellent job in securing several priority targets last January, but they were forced to spend the most by any club in Europe in order to do so.
Nevertheless, Kieran Trippier, Dan Burn, and Bruno Guimaraes have all played huge roles in Newcastle's exponential improvement, with the latter's value rising mightily over the past year. His £40m purchase has proven to be a bargain.
Alexander Isak then arrived in the summer for a club-record £63m as they spent approximately £120m ahead of the 2022/23 season. However, Newcastle were just the seventh-biggest spenders in the Premier League as the likes of Wolves, West Ham and Nottingham Forest each spent more.
Summer arrival Sven Botman has been superb this season, as has Nick Pope between the sticks. No goalkeeper has kept more clean sheets (14) than the former Burnley shot-stopper in Europe's top-five leagues in 2022/23 thus far.