In his latest Reporter Notebook, Sky Sports News' Keith Downie talks about the rise of Newcastle and how it may affect their transfer plans.

Since the club was taken over by the Saudi-led Public Investment Fund, Eddie Howe's side have risen to fourth in the league.

There were still questions to answer after Gary said he was impressed with how the new owners had gone about their business.

He said thatNewcastle have improved a lot. Eddie Howe is doing a good job and the type of players they have signed are the right type to get them to that next level. It's been considered. The football project has been well thought out and executed.

Questions will always be raised about the owners. The Saudi Arabians were accepted into the premier league. We have no idea. There isn't transparency and there isn't independence.

I don't believe the questions should always be directed to the football coach. I'm not saying he shouldn't be asked questions, but the owners and executives should be asking them.

Downie gives his thoughts on a successful season so far forNewcastle and how it might affect their plans and the league going forward.

Is this rise sooner than expected for Newcastle?

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Tottenham Newcastle highlights
FREE TO WATCH: Highlights from the Premier League match between Tottenham Hotspur and Newcastle

"Eddie Howe won't admit it, but there's a train of thought from both inside the club and the fan base that they are exceeding expectations on the pitch."

Under their new owners, this season was all about consolidation and gradual improvement, but they've come racing out the blocks and sit in the heady heights of fourth place and a European spot." When they opened the season with a win against Forest, nobody expected that.

There are a lot of things to admire from the start of the club. The only blemish on their record was the 98th-minute winner at the end of August. Three of the top four clashed last season.

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Eddie Howe
Jamie Redknapp says Eddie Howe deserves credit for the drastic improvements he's made to the players he inherited at Newcastle

They have the best defense in the league, allowing just 10 goals in the first 12 games. The team that conceded the most goals in the previous year was this one. Four of Eddie Howe's back five arrived after he took the job. Even though he was out of favor under Steve Bruce, he has shown huge improvement.

The start to the season isn't expected as the norm, but at the same time points to the fact that there is more to come." It's a strange situation for him and his team to be in. Everyone associated is on a new ground.

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Newcastle boss Eddie Howe says his side fully deserved their 2-1 victory away at Tottenham as goals from Callum Wilson and Miguel Almiron moved them into the top four.

He's excited because he doesn't think his team is ready yet. He is trying to temper expectations.

The owners said when they took over that they wanted to do things slowly. They were able to qualify for Europe less than two years after they found themselves at the bottom.

The fact that they've spent more than $200 million in the two transfer windows since the takeover is no surprise. The improvement of players' confidence prior to Howe's arrival has been the most impressive of all.

Miguel Almiron celebrates scoring Newcastle's fourth goal
Image: Miguel Almiron is one of the existing Newcastle players with a marked improvement under Eddie Howe

They have taken their games to different levels in the past year, showing it's not all about money.

Without Allan Saint-Maximin, Alexander Isak and Jonjo Shelvey, they have risen to the top of the table. The team will only get better when those three are back.

Alexander Isak celebrates scoring his penalty
Image: Alexander Isak is currently out through injury

While Howe is trying to keep his feet on the ground, he knows that those players will improve his team." At the end of the game, everyone could see that.

A top eight finish would be seen as a success this season. The fans are enjoying the journey of unknown.

Do we now have a top seven?

It definitely feels like that. I plumped for seventh when I was asked to predict the finish of the team. The majority of the big six will finish above Newcastle, but the St James' Park side are giving them a scare.

Sunday's win was a big statement - beating a Spurs side so imperious at home and with it the first win on the road under the new regime against one of the big boys.

This was more than just a grab. Howe said that he was most satisfied with how his team continued to play despite being down by two. He said it was a good sign that we didn't go into our shells.

It was the first time in a decade thatNewcastle entered the top four. The gap between the top six and the rest is starting to be bridged byNewcastle.

The challenge forNewcastle will be to stay there. Expenditure in the next two transfer windows will be helpful.

Will the start to the season affect transfer business?

NEWCASTLE, UNITED KINGDOM - AUGUST4: Newcastle United Head Coach Eddie Howe shakes hands with Newcastle United's Sporting Director Dan Ashworth after signing a new contract at The Newcastle United Training Centre on August 4th, 2022 in Newcastle upon Tyne, England. (Photo by Serena Taylor/Newcastle United via Getty Images)
Image: Eddie Howe and Newcastle Sporting Director Dan Ashworth will both navigate January transfers

"Newcastle don't want to run before they can walk, and it's important to point out that there are so many other aspects of the club that need investment to bring them up to the top level."

Seeing Spurs and their stadium at close quarters made you realize how far they have to go to make a difference. It will take a lot of time and patience to get that work done.

The arrival ofDarren Eales as CEO has been one of the key appointments recently. Howe and Director of Football Dan Ashworth will be able to spend more in upcoming transfer windows, thanks to increased revenue brought in by him.

They can be creative moving forward so he knows he needs to get to work quick, but both he and Ashworth have said spending at the level we've seen in the last two windows is unsustainable under FFP rules.

Plans for January will not be affected by their position in the table. They are not in a hurry to get there.

I still think they'll add in January. The form of the likes of Almiron and Longstaff is making it harder for the club to make panic buys.

Who knows if any new arrivals will get in the team because of the way the team is playing.