THE story of Newcastle United’s season won’t just relate to what happens on the pitch over the next nine months. Away from the field of play, the future of Magpies manager Rafael Benitez continues to command considerable attention and warrant an avalanche of speculation and theorising.

Should he stay or should he go? And what would that mean for his employers as they look to stabilise themselves on their return to the top-flight?

Benitez is unlike the vast majority of managers that have worked under Mike Ashley in that it can be argued that Newcastle need him more than he needs them. Alan Pardew had been working in League One prior to his appointment at St James’ Park and was grateful for any opportunity that came his way. Steve McClaren was a failed England manager who had been dismissed by Derby prior to taking over on Tyneside. Little wonder he did not feel sufficiently emboldened to stand up to Mike Ashley.

Benitez is different. A Champions League winner who has previously led the likes of Real Madrid, Inter Milan and Liverpool, he could walk into a host of attractive jobs if he was to head through the exit door at Newcastle. If he was to move to China or the Middle East, he could probably treble his wages at a stroke.

There have been moments during his year-and-a-half reign when it looked as though a parting of the ways was likely. The end of the relegation season was an obvious one, but Benitez was persuaded to remain, partly because of the reaction he received during the final game of the campaign against Tottenham, and partly because he was assured he would have the final say over all summer transfers. In fairness to those above him, he was afforded that degree of authority.

This summer should have been a much less volatile time, with Newcastle looking forward to their return to the top-flight, but it has witnessed a festering discontent on the part of Benitez. Regular briefings have hinted at the Spaniard’s unhappiness, with long-standing targets slipping through the net and Ashley’s promises over summer spending ultimately amounting to little.

Benitez broke his silence on the situation during the recent tour of Ireland, saying: “Everything is in place to move forward. Hopefully, Mike can keep his word and we can do what we want to do.” It was a thinly-veiled threat to the Newcastle owner, but while Jacob Murphy’s £12.5m move from Norwich City was confirmed within 24 hours of Benitez’s comments, it hardly heralded a flurry of activity.

Benitez has kept his counsel since, but is known to be privately disappointed at the way the summer has panned out. There is still time for that to change of course, with the transfer window not due to close until the end of the month, but the messages coming out of the manager’s camp suggest he has accepted that the budgetary constraints that have been evident so far this summer will remain.

What does that mean for his future? It can be argued that if Benitez was going to walk, he would have done it by now, and for all that he will not want to be embroiled in another relegation battle, he clearly enjoys being Newcastle manager. He can make regular visits to his family home on the Wirral, is guaranteed a high public profile, and for all that he boasts an impressive CV, it is hard to see him being appointed by one of the Premier League’s top five or six clubs.

Even so, Ashley and Lee Charnley cannot afford to take him for granted. Whereas they could browbeat some of their former managers into silence, Benitez is a match for them when it comes to political machinations.

“I am really pleased to be here,” said Benitez, in the immediate aftermath of last season’s promotion success. “I am really happy and proud for everything we have done. Hopefully, we can put the foundations in for something that will be a guarantee for the future.” Hopefully. Time will tell whether that word is too optimistic.