There have been too many defeats at Chelsea and Newcastle United this season, both on and off the pitch, but it is the latter that could be enough to keep coaches Mauricio Pochettino and Eddie Howe in their jobs despite their obvious underperformance.
In the money-driven world of modern football, with billionaire owners playing fantasy football with real consequences, balance is now as important (sometimes even more) than points and trophies won on the field. With this in mind, Chelsea and Newcastle's respective financial losses of £90.1 million and £73.4 million will make it increasingly difficult for each club to change managers even if they wanted to.
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At the start of this season, Monday's clash between the biggest spending team in world football (Chelsea) and the club with the richest owners (Newcastle) would normally have been billed as a Champions League qualification match. UEFA or even as a match with implications. for the title race. But the reality is that the Stamford Bridge match will involve two teams closer to the relegation zone in terms of points than the first. Chelsea's 10 defeats in 26 league games and Newcastle's 11 defeats in 27 games are the reason why a season of optimism and expectations has turned into a battle simply to finish in the top half of the table. the Premier League.
Despite leading Chelsea to last month's Carabao Cup final, where they lost to Liverpool at Wembley, Pochettino has failed to live up to expectations as a manager in his first season in charge. Howe's side have enjoyed high-profile wins against Manchester City and Manchester United in the Carabao Cup, as well as a 4-1 victory against Paris Saint-Germain in the Champions League before crashing out in the group stage. However, Howe has also come under intense pressure at St James' Park having failed to build on last season's top four finish.
But sources have told ESPN that both Pochettino and Howe are likely to finish this season and remain in their jobs, barring a late-season drop in form that makes it impossible for their bosses not to act.
The reason for this apparent safety net is the financial situation of both clubs. While Chelsea and Newcastle hope to remain compliant with UEFA and Premier League financial regulations, which are in place to prevent clubs from making unsustainable losses, UEFA will limit spending on transfers, salaries and agent fees to 70% of revenue. . for 2025-26, while the Premier League's Profit and Sustainability Rules (PSR) allow for losses of up to £105m over three years. However, it is clear that both now operate with a minimal financial margin.
In simpler terms, neither Chelsea nor Newcastle can afford to rip it up and start again by sacking the manager, paying his compensation, hiring a successor and then backing the new manager with significant funds in the transfer market.
Since purchasing the club from previous owner Roman Abramovich in May 2022, Chelsea's new regime has spent almost £1bn on new players, as well as paying a combined £26m compensation to Thomas Tuchel and Graham Potter. after their respective dismissals as coach. . Chelsea also paid £22 million to Brighton to sign Potter in September 2022.
Newcastle have spent far less than Chelsea since the October 2021 takeover by a Saudi-led consortium, with player recruitment costs totaling £375m, but spending constraints at St. James' are due to the club having to build from a low base of just £29m of annual commercial income before the new owners took over. Both Chelsea and Newcastle are cornered by their finances to the point that neither can embark on a significant summer outlay for players or a new manager at the moment.
Manchester United are in a similar situation due to excessive spending over the last two summer windows, and could keep manager Erik ten Hag in his job if the club decides that spending £14 million to pay for the final year of his contract is too much. an outlay when it is necessary to spend money on squadron reinforcements. But because Newcastle and Chelsea's losses are so high (Newcastle released their figures on January 11, while Chelsea released theirs on March 7), harsh financial realities are dictating everything from player recruitment to coach sitting in the coach's office.
Pochettino has earned some credit at Chelsea for reaching the Carabao Cup final and there remains a sense that he is providing stability and overseeing the progression of a group of young players. Howe, meanwhile, has had to deal with a significant list of injuries this season, as well as the loss of top summer signing Sandro Tonali to a 10-month suspension for violating playing regulations.
Had the financial picture at Chelsea or Newcastle been healthier, both Pochettino and Howe would be in much greater danger after such dismal seasons. However, thanks to the balance sheet, keeping both in charge is the least worst option facing the owners of Stamford Bridge and St James' Park.
