Tonali Gone, Gordon Sold and Bruno Next: Is Newcastle’s Saudi Project Falling Apart?

Newcastle United’s ambitious Saudi backed project has undergone a dramatic transformation this summer, marked by the departure of manager Eddie Howe and the high profile sales of Anthony Gordon & Sandro Tonali for a combined £169 million.

In January 2026, Newcastle United CEO David Hopkinson boldly declared that the club’s goal was to be part of the "best club in the world" conversation by 2030.

He stressed that the Saudi Public Investment Fund (PIF) monitored the project daily with a clear, phased plan.

Just six months later, the landscape at St James' Park looks entirely different.

After finishing 12th in the 2025 /26 Premier League season and missing out on European qualification, the club has initiated a radical squad overhaul. Newcastle United are now navigating a strict regulatory environment replacing established stars with unproven youth while fending off interest in their captain.

What Happened: Star exits and Howe’s departure

The most immediate shock to the Newcastle fanbase has been the dismantling of the core that secured Champions League football just two seasons ago.

Anthony Gordon who finished his final season as the club's top scorer with 17 goal across all competitions, officially joined Barcelona for a reported fee of £69.3 million (€80 million). Shortly after, Sandro Tonali completed a move to Tottenham Hotspur for a club record base fee of £92.5 million which could rise to £100 million with add ons.

Combined, the two sales generated approximately £169.3 million. However, the departures were not limited to the pitch.

After nearly five years in charge, manager Eddie Howe officially stepped down. In his official statement, Howe cited a "period of personal reflection" and the need for a break.

However, reports from The Guardian painted a more complex picture, suggesting Howe had grown frustrated over a loss of influence in transfer policy and harboured deep reservations about the club's new strategy of prioritising young players with high resale value.

Arsenal open talks for Bruno Guimaraes

The exit of Gordon and Tonali has already created a significant technical void but the potential departure of club captain Bruno Guimaraes could turn a strategic rebuild into what many fans fear is a fire sale.

Arsenal have initiated formal negotiations submitting an initial offer in the region of £70 million. Newcastle rejected the bid holding out for a valuation closer to £80 million.

According to The Guardian, Guimaraes is keen on a move to north London and is expected to inform incoming manager Matthias Jaissle of his desire to leave. However, Newcastle are under no immediate contractual pressure to sell, as the Brazilian midfielder remains tied to the club for another two years and is currently participating in their pre-season camp in Spain.

The Financial Reality: Why Newcastle are selling

The primary reason behind a club backed by one of the wealthiest ownership groups in world football selling its best players lies in the strict financial frameworks governing the sport.

A club’s legal capacity to spend is tied directly to its footballing revenues and player trading profits, not the personal wealth of its owners. On 30 June 2026, Newcastle announced a three year settlement agreement with UEFA following a breach of financial sustainability regulations for the period ending in June 2025.

The agreement included:

• An immediate €3 million fine.
• A potential €7 million fine linked to future compliance.
• An additional €3 million penalty for exceeding the 70% squad cost ratio during 2025.

Domestically, the Premier League’s new Squad Cost Ratio rules, implemented for the 2026 /27 season, cap spending on wages, transfers and agent fees at 85% of revenue for clubs not competing in Europe. While Newcastle reported increased revenues of £335.3 million for the year ending June 2025, their failure to qualify for European competition significantly restricted their spending capacity.

Unlike Manchester City who benefited from a grace period to build their squad following their 2008 takeover before Financial Fair Play rules were fully established, Newcastle are attempting to grow within a mature, highly restrictive regulatory environment.

A Youthful Rebuild: Risk vs Reward

Instead of replacing Gordon and Tonali with established Premier League stars, Newcastle have reinvested heavily in a much younger profile.

The club has signed Ewen Gawin, Bazoumana Touré, Sean Steur, Aladji Bamba and goalkeeper Lukáš Horníček. While official fees remain undisclosed, various sources estimate the combined outlay to be between £140 million and £152 million.

Crucially, aside from 24 year old Horníček, the outfield additions are all aged 20 or under. None of the five new arrivals have prior Premier League experience.

This sudden shift prompted former Newcastle captain Kevin Nolan to publicly question whether the influx of inexperienced players will be able to adapt quickly to the physical demands and intense rhythm of English football.

Our Analysis

The narrative that PIF is withdrawing its support for Newcastle United lacks factual backing. Club communications and recent financial reports confirm that the ownership remains fully committed to their long term vision.

Instead, this summer represents a pragmatic, albeit painful, pivot. Facing the dual pressures of UEFA fines and restrictive domestic spending caps, the club has opted to cash in on players at their peak market value.

This is not a traditional financial liquidation, as the club has immediately reinvested over £140 million into new talent. However, it is a high risk strategy. Swapping proven international quality for high potential youth leaves the squad vulnerable in the short term, especially while transitioning to a new tactical identity under a new coach.

Newcastle’s immediate priority is to finalise the appointment of Matthias Jaissle and stabilize the dressing room before the Premier League campaign begins.

The club's hierarchy must also resolve the Bruno Guimaraes situation. If Arsenal return with an improved offer closer to the £80 million asking price, Newcastle will have to decide whether to sanction a total midfield rebuild in a single window, or force an unsettled captain to stay and lead a highly inexperienced squad.

Khaled Hegazy |

Editorar, en

Journaliste sportif spécialisé dans la couverture du football et la création de contenu numérique, alliant expérience éditoriale et expertise des médias sociaux.

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