It feels a slightly different project, however, as the fifth anniversary of the Saudi Arabia-led takeover approaches.
Even when Newcastle were in relegation trouble in 2022, the hierarchy at the time sold a dream to Bruno Guimaraes that they could be a “big power”.
Now, though, the Newcastle captain has intimated he wishes to join Arsenal, who have yet to make contact with the club.
As adored as Guimaraes is on Tyneside, does the 28-year-old have the patience to help lead a new era at Newcastle as the captain of a young group who will take time to flourish?
Does Guimaraes feel this is potentially the last chance he would have to win a Premier League title or the Champions League if Arsenal come to the table?
In the past 12 months he has watched Alexander Isak move to Liverpool and Anthony Gordon join Barcelona.
Newcastle, fresh from a Uefa settlement, have also sold Sandro Tonali to Tottenham in a deal worth up to £100m which will enable them to significantly reinvest within the game’s financial rules.
Tonali left Newcastle to link up with fellow Italian Roberto de Zerbi, but he will also command far bigger wages because of Spurs’ higher revenues despite also missing out on Europe.
Football finance expert Kieran Maguire says there have been a variety of “pull factors” that Newcastle have had to contend with.
“The opportunity to play for clubs of the stature of Barcelona or to play in London is very attractive to players,” he said.
“With Newcastle not competing in Europe this season, that could be a contributory factor. The Champions League is the biggest tournament in terms of club football for a player and that’s an attraction.
“The other issue is wages. Guimaraes is handsomely paid at Newcastle, but they can’t match Arsenal‘s wages.
“Arsenal can pay £300,000 a week, which will be close to twice what he is on at present. If you’re 28 and looking at a four-year contract, you do the sums and that becomes very attractive.”
The challenge for Newcastle is to prove that this can still be a “very attractive” project in its own right.
Not only to Guimaraes but future signings too.