Managers can come and go, but something about Liverpool and Newcastle remains: an addiction to late drama, a capacity to entertain and enthrall. Kevin Keegan knew it more than most: perhaps the greatest Premier League game of all ended 4-3, maybe costing his Newcastle team the title three decades ago. As two of his former clubs paid tribute to him, as Matthias Jaissle was on the brink of a debut win which, it seems safe to assume, Keegan would have loved, came the newest late twist in this remarkable rivalry.

After a 100th-minute winner at St James’ Park last season, Liverpool got a 99th-minute equaliser this. Andoni Iraola’s reign did not begin with defeat. “It’s a strange feeling,” said the Spaniard. “Before the game we would haven’t signed for this result, but the way we scored the goal in the end, it tastes better.” Not for Newcastle. “It is really hard to digest,” said Jaissle, who, like the departed Eddie Howe before him, got a taste of the cruelty this fixture can provide. Although, perhaps, it could have been still crueller for Newcastle.

When Lewis Hall upended Victor Munoz – “it is a really soft penalty, as you call it here,” said the German Jaissle – and referee Stuart Attwell pointed to the spot, many an eye on Tyneside turned to one man. This, it seemed, was Alexander Isak’s moment after an afternoon of anonymity and abuse. Except it wasn’t.

Isak was a penalty taker supreme for Newcastle. Against them, though, it was Dominik Szoboszlai who stepped forward. With nerveless magnificence, he fired his penalty into top corner. “An almost impossible penalty to stop,” said Iraola. But as Szoboszlai stepped forward, it invited the question of why Isak did not. Liverpool’s reigning player of the year seized the moment. “More than 50,000 fans in the stadium against you. You can’t hear your own voice,” said Szoboszlai. “That’s why I love football and that’s why I am doing it.”

For Liverpool and Newcastle alike, the new came with certain lashes of the old, and not merely Szoboszlai’s relish for the occasion. Liverpool had Isak’s latest ineffectual showing. Newcastle conceded too many injury-time goals last season and began the current campaign with another. They have lost out to Liverpool for too many players: Hugo Ekitike last summer, who then scored against them home and away, and Munoz this, who made his mark in his cameo. “I am happy for Victor,” said Iraola. “He has created problems.”

It gave the new head coach an immediate return from a signing he championed; while Liverpool still need a right winger, on the afternoon Mohamed Salah opened his Trabzonspor account, Munoz at least showed his speed with a surge on the right. Liverpool could savour another debut, the giant Jeremy Jacquet showing huge promise at the heart of their defence.

And yet, when the anguish of added time dissipates, Newcastle may derive more encouragement from this. Eddie Howe’s departure seemed to plunge them into chaos. Only 18 days after his appointment was announced, Jaissle’s frantic football instead left Liverpool looking dishevelled.

If Iraola had compiled a checklist of what he wanted from his first game, Jaissle instead got it on an afternoon to indicate there is life after Howe. An early goal to give a flying start. A display of intensity, with the crowd galvanised by the pace of the game and the team buying into the manager’s methods. Two goals from transitional football at its fastest, with stunningly quick breaks. A goal from a substitute, just after coming on, hinting at a managerial Midas touch. An encouraging display by one of his signings. A brilliant performance from last summer’s striking signing.

But even that could leave Newcastle with regrets. Wissa was outstanding, a player bought with the proceeds of Isak’s sale and wearing the No 9 shirt the Swede vacated belatedly looking an excellent buy. He started as a No 10, finished as the No 9, flourished as both. This, he said himself, was his best game for Newcastle. “Amazing performance, even though he could have killed the game,” said Jaissle. Because Alisson denied the £55m man when he ran clear. But instead of making it 3-1, it soon became 2-2. Alisson’s excellence in one-on-one situations meant he served as Liverpool’s saviour again.

When he was beaten, Newcastle’s goals offered a glimpse of Jaissle’s brand of football. It only took four minutes for the first, Will Osula – leading the line in more dynamic fashion than Isak – releasing the roadrunner Anthony Elanga, who sprinted clear of Milos Kerkez to finish; as in much of last season, Liverpool’s full-backs looked fallible. The last team to score two from two fast breaks against Liverpool was Iraola’s Bournemouth.

Ryan Gravenberch lost the ball for both goals, albeit nearer the Newcastle box than his own. Wissa ran 50 yards to set up Joe Willock: a minute after coming on, with his first touch, the midfielder scored. The home faithful could enjoy that, and a fine performance from their new right-back Amar Dedic, even if his immediate opponent struck.

Cody Gakpo drilled in a shot from 20 yards for the first goal of Iraola’s reign. He was the threat, even as the Newcastle crowd concentrated on the returning Isak. Whistles greeted his every touch. He was barracked by the crowd who used to celebrate him, “one greedy b******” was at the politer end of the spectrum. “It was not a big surprise for him,” said Iraola. Perhaps Isak was intimidated by the vitriol; certainly he was ineffectual.

But if Isak has divided Liverpool and Newcastle, it was also about a man who united them. Keegan’s name rang around St James’ Park. And so maybe a draw felt fitting, even as Liverpool hurt Newcastle again.