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If Newcastle management had added talented players to the squad before the start of the season, we might not have seen their decline.
Newcastle become a rich club in the EPL, but players are still not sure about Newcastle's future potential. If this season Newcastle can improve its performance and at least can finished in 4th position, maybe in the summer transfer window, Newcastle can find better players than at the start of this season. Because there are prospects shown by Newcastle if they successfully compete in the UCL for two consecutive seasons.
Newcastle has never been the same as Chelsea, Manchester United, Arsenal and Manchester City in terms of player transfers. I mean, Newcastle management is more concerned with long-term projects by building squad depth gradually rather than spending a lot of money in one transfer season. This policy can certainly help them save a lot of money on purchasing players, but they also prioritize quality.
You are right, Newcastle is a rich club, but they don't seem to be in too much of a rush to build depth in their squad with a number of star players. Eddie Howe is an influential coach, but unfortunately Newcastle's performance this season has not lived up to the expectations of many fans. The defeat to Liverpool was their 9th defeat of the season in the Premier League, so they are in a decline in form compared to last season.