Twelve months ago it was the summer of Sam; this year it was meant to be the summer of love. Yet six days before Newcastle United begin their season with a testing visit to Old Trafford, certainty, stability and purpose are yet to be established at St James’ Park. This is a club with boundless potential, but a split personality, with a strong team and a threadbare squad.

For those supporters blessed (or cursed) with a buoyant outlook, the signs have rarely been rosier. No man taps into the Geordie psyche with more emotional resonance than Kevin Keegan, who, as a player and manager, twice previously persuaded Newcastle to reach for the stars. He is the ultimate salesman; he could charm insomniacs into dreaming. When Keegan succeeded Sam Allardyce in January, a city exhaled.

The optimists point to Mike Ashley and cheer. The owner is a billionaire with enough financial muscle to invest £250 million in the club, erasing a crippling, threatening debt. A man of the people, he sports his replica shirt in the boardroom and talks of having fun and winning trophies, but he will not be held to ransom by mediocre players. Fans have been reengaged, the academy attended to.

Yet the pessimists are not lacking material and what, after all, is the public perception of Newcastle’s close season? A failure to secure leading transfer targets such as Luka Modric, Arda Turan and Pablo Aimar. Relentless takeover rumours. Joey Barton’s imprisonment and subsequent release, when attempts to trim wages and impose discipline were blurred and botched.

Yes, Keegan is the right manager to reenergise the club, but why is there distance between him and the acquisition department? Does that really play to his strengths? Are Keegan and Dennis Wise, the executive director (football), pulling in the same direction? Who is making the decisions? Why has football’s greatest communicator not been encouraged to deliver a more upbeat message? Injuries are already a concern.

For those who tread a middle line, the overall effect is perplexing. Theoretically, Newcastle have never had it so good, but there is little sense of cohesion on Tyneside. In Majorca eight days ago, Keegan spoke with the same boyish enthusiasm that has characterised his professional life, but after Saturday’s 2-1 friendly victory at home to Valencia, the tone was different. It jarred.

Could he confirm that Fabricio Coloccini had completed his move from Deportivo La Coruña? “There’s nothing official,” Keegan said. “I can’t tell you anything at the moment, I don’t think. He was here, that’s for sure.” Earlier that afternoon, Ashley had been wearing Newcastle’s new change kit with the Argentina defender’s name on the back. Does it get more official than that?

Last week it was confirmed that Arthur Cox, a trusty Keegan lieutenant throughout his coaching career, had left the club. Was it retirement (Cox is 68) or cost-cutting? “He’s left the club,” Keegan said. “That’s it.” Is there any explanation? “No. He’s left the club.” Under Allardyce, Newcastle hoarded staff; now they are shipping them.

And what of Alan Smith, who appeared close to joining Everton after Keegan had stated that he did not wish to lose him and was then jeered against Valencia? “Alan Smith is a Newcastle player and that’s it,” Keegan said. “He’s a Newcastle player, no doubt about that. What happens in the future, you’ll be the first to know - you people usually know before we do.”

The players are patently enjoying Keegan’s methods, but there are not enough of them. As James Milner, the Newcastle winger, put it: “We’ve got the ability in the squad, it’s about the numbers.” Two more weighty signings and a bit of good news - Michael Owen is scheduled to play in a practice match on Thursday - could transform the mood, but the omens are conflicting.

Is there momentum? And in which direction is it propelling the club?