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There is a constant misconception around Newcastle United that has perhaps been most pertinent during this summer transfer window.
While the presence of the Saudi Arabian Public Investment Fund may give them the richest owners, that cannot translate into spending the most money. Understanding that offers important context for what has been a difficult, uncertain and at times fraught summer on Tyneside.
There have been changes to the ownership group, with Amanda Staveley and Mehrdad Ghodoussi selling their joint stake in the club, a boardroom restructure and an extremely close-run avoidance of a profit and sustainability rules breach. Plus speculation linking manager Eddie Howe with the England job.
But as the club heads into the new Premier League season on the front foot in what is effectively a new era, BBC Sport breaks down and analyses the key moments in the off-season so far.
At the beginning of July, Newcastle announced the appointment of Paul Mitchell as their sporting director, replacing the Manchester United-bound Dan Ashworth. It was a real coup to lure a man who had an incredibly strong reputation after working with the likes of Tottenham, RB Leipzig and Monaco.
Not even a week later, Staveley left the club. In practical terms, it would change very little; every key job in the football, finance and commercial departments, which she had initially taken on after the takeover from previous owner Mike Ashley, had been filled by an industry-leading expert.
But in terms of perception, it was huge; Staveley remains incredibly popular with fans, as the instigator in usurping the ever-unpopular Ashley, and she was a huge emotional support to the players and, crucially, Howe.
It means Darren Eales, the CEO, is left to take a more proactive role at the front of the club. In an in-house interview with club media, Eales said Mitchell's role would be "90% recruitment", which differed from Ashworth who was "the centre of the wheel", as he himself put it, looking after the academy, scouting and women’s team.
Ashworth had also reportedly been unable to build a close relationship with Howe, who is known to be very private, trusting the "inner circle" of his coaching staff. With Mitchell coming in, as well as James Bunce - the new performance director whom he worked with at Monaco - and a streamlined brief which on the surface infringes on Howe’s role, the structure around the head coach has changed.
While on a pre-season training camp in Germany, Howe didn’t ease the tension when he said he needed to be happy with the dynamic for his sake and Newcastle’s. It was a very deliberate message to say he needs to be allowed to do his work.
Following a pre-season win at Hull on 27 July, Howe spoke of "positive talks", "multiple daily recruitment meetings" and the need for "collaboration".
In short, no. This is what he said when first asked about the role, since confirming that there has been no formal contact from the Football Association.
"For me, as long as I am happy and feel supported and feel free to do the work that I love to do at Newcastle, I’ll be very happy and I am very happy.
"It is an unbelievable football club. There has been no thought in my mind on anything else and I have been very committed to the job here."
Howe has always spoken publicly about his love of coaching "day to day", which is something he would have to give up if he were to replace Gareth Southgate.
He is also extremely settled in the North East with his family; it might be hard to prise him away, even if compensation could be agreed. Eales confirmed Howe signed a new multi-year contract last summer, which was not formally announced.
England talk won’t derail Howe’s focus. He is intense on every detail and as he said, that won’t waver; it is irrelevant until an offer is made, and that is not imminent after Lee Carsley was confirmed as interim boss.
Before all of the boardroom upheaval came some really concerning developments at the end of June. Newcastle raised about £70m from the sales of Yankuba Minteh to Brighton and Elliot Anderson to Nottingham Forest, while also signing goalkeeper Odysseas Vlachodimos from the latter.
There was genuine concern that Newcastle could follow Everton and Forest in incurring a points deduction if they didn't cover a shortfall in their accounts by 30 June.
In more hectic moments, there were conversations with Liverpool over a potential deal for Anthony Gordon. Although an agreement couldn't be reached, rumours persist and with two years to run on his contract at St James’ Park, Newcastle are vulnerable. Midfielder Bruno Guimaraes’ release clause has expired and the club are confident of keeping him.
Newcastle are keen to strengthen at centre-back and right wing after completing the signing of Sheffield United striker William Osula, which was well-timed with Callum Wilson recovering from back surgery. Lloyd Kelly has arrived on a free transfer from Bournemouth, while Crystal Palace have rejected bids for Marc Guehi.
Speaking after the first of back-to-back pre-season wins against Girona and Brest at the weekend, Howe stated he wanted to add quality, not quantity.
"We will try to make the right decisions and are hopeful of adding at least one player to the group. If you’re going to add to the squad, players have to push the team to new levels. There’s not many who will make us better," he said.
Newcastle have weathered an initial storm to enjoy a strong pre-season; there is positivity and excitement around the club again, despite a lack of major signings so far.
But with so much change in the air and no European football to distract from their aims of a Champions League return, pressure will be ramped up for everyone to deliver.
