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Why do Newcastle get treated like they’re an underdog? They’ve always been a rich club (albeit poorly managed) and got richer.
Because they keep getting relegated, got owned and asset stripped by Mike Ashley (which genuinely would make me feel sorry for anyone except Chelsea, Stoke and Spurs) and have an English manager.
It is relative and contemporary. They are underdogs to clubs like PSG Madrid or Barca etc in Europe. This is their first season of CL. The owner wealth should not define their status.