Newcastle United’s summer of transfer activity once again underlined the scale of ambition since the PIF takeover.
Deals for Jacob Ramsay, Malick Thiaw, Aaron Ramsdale and Anthony Elanga have complemented headline-grabbing signings such as Nick Woltemade for £69m and Yoane Wissa for £55m.
Alexander Isak’s £125m move to Liverpool left a sour taste, but the overall picture was one of a club continuing to spend at the very top of the market.
That has not always been the case on Tyneside.
Before Saudi investment changed the landscape, Newcastle were known for trimming squads and selling talent to make a profit.
Promising youngsters would be moved on for financial reasons or simply slip through the cracks, only to thrive elsewhere.
This summer’s spending spree serves as a reminder of how much things have changed, but also how much has been lost.
The departure of Elliot Anderson last year remains a striking example.
Newcastle did not want to lose the academy graduate, but Profit and Sustainability Rules (PSR) forced their hand.
Nottingham Forest seized the opportunity, and now the Northeast club must watch a homegrown talent flourish elsewhere – much like another striker once forced to leave before truly being given a chance at St James’ Park.
Anderson's rise away from Tyneside
Anderson’s move to Forest in 2024, part of a deal that saw Odysseas Vlachodimos move the other way, was emblematic of Newcastle’s recent financial gymnastics.
The midfielder represented pure profit under PSR calculations, a valuable asset when books needed balancing.
Jankuba Minteh was sold to Brighton in the same scramble, and even the sales of Isak and Anthony Gordon were considered.
At the time, it looked like a sacrifice of potential for compliance.
Yet Anderson has proven exactly why the club were so reluctant to lose him.
Last season, the 22-year-old made 37 league appearances for Forest, scoring twice and providing six assists. His form earned him a first senior England call-up, and he started against Andorra, winning the Player of the Match award.
The numbers underline his growing influence.
Last season, Anderson ranked in the 88th percentile for assists per 90 (0.19) and 77th percentile for shot-creating actions (3.07).
His ability to progress play was matched by tenacity in midfield.
He sat in the 88th percentile for tackles per 90 (3.07) and 87th percentile for clearances (2.40).
Analysts like Max Scott have even gone so far as to describe Anderson as having “a bit of Roy Keane, Paul Scholes and Zinedine Zidane” in his game.
It is difficult to see how he would have found the same opportunities had he remained at Newcastle.
Competing with Bruno Guimarães, Sandro Tonali and Joelinton for minutes, he might have stagnated.
Instead, Forest have given him the platform to grow, and Newcastle are left to reflect on a talent that got away, not for the first time either.
Newcastle's homegrown striker regret
Anderson’s story draws inevitable comparisons to Ivan Toney, another player who slipped through Newcastle’s net.
Signed from Northampton Town in 2015 for around half a million, Toney struggled for first-team opportunities and was farmed out on loan before leaving permanently for Peterborough United in 2018.
From there, his career trajectory exploded. Toney scored 72 goals and provided 23 assists in 141 appearances for Brentford, firing them to Premier League promotion with a goal in the 2021 play-off final.
His 20-goal return in the 2022/23 season made him one of the division’s most reliable strikers, hailed as such by Thomas Frank who described him as a “monster”.
Recognition followed on the international stage. Toney made his England debut in 2023 and was part of the Euro 2024 squad, holding his nerve to score in the penalty shoot-out against Switzerland in the quarter-finals.
The numbers again tell the story of a rounded, top-level forward.
During the 2022/23 season, Toney ranked in the 72nd percentile among centre-forwards in Europe’s top five leagues for non-penalty goals (0.43 per 90), 70th percentile for progressive passes (2.41), and was outstanding aerially, sitting in the 91st percentile for aerials won (3.32 per 90).
His defensive contribution was underrated too, with strong numbers for interceptions and clearances.
Matches Played
33
Goals
20
Assists
4
Progressive Carries
14
Progressive Passes
79
In 2024, Toney completed a £40m move to Al-Ahli, where he scored 23 goals and registered four assists in the Saudi Pro League last season.
At 29, he remains a high-level striker whose career arc must leave Newcastle wondering what might have been.
The parallels between Anderson and Toney are plain to see.
Both left St James’ Park for very different reasons, but both have gone on to prove themselves at a high level.
Each departure highlights the fine margins between financial management and footballing vision.
Newcastle’s current owners are now spending freely, with marquee signings transforming the squad.
Yet history shows that some of the biggest success stories can be those who slipped away. In Anderson, Newcastle may once again have let a future England regular leave too soon.
PIF have already signed Newcastle's new Elliot Anderson and he's "terrific"
Eddie Howe will hope he has his own Elliot Anderson now at Newcastle United in this terrific talent.
ByKelan Sarson Sep 8, 2025