Alan Shearer reveals Rafa Benitez 'frustrated' at not being given money he thought he'd get by Mike Ashley

Shearer, the club’s all-time record goalscorer, took to Twitter after Saturday’s 3-2 home defeat to Leicester City.

Fearing another relegation battle, Shearer tweeted: “Nowhere near good enough.

Alan Shearer had a spell as Newcastle manager under Mike Ashley

“Sell our club Mr Ashley to someone who wants to be here before it’s too late again.”

Ashley, United’s owner, put the club up for sale in October, and Middle East-based financier Amanda Staveley has offered Â£250million.

That offer isn’t enough for Ashley, who will consider a bid of Â£300million, but Shearer believes the sale offers a buyer a “very good opportunity”.

“Without sounding too biased, it’s a great football club,” said Shearer.

“Their love, their passion for football in Newcastle is incredible – 52,000 every other week whether you’re in the Premier League or the Championship.

“I think it’s a very good opportunity for somebody to come in and hopefully take the club on and for it to be successful and win a trophy. Their last trophy was in 1969. It’s been such a long time.

“I was fortunate enough to play at Wembley twice in the FA Cup. We were beaten on both occasions, but we arrived back to a hero’s welcome.”

Time is running out for Staveley – or another buyer – to take Newcastle over in time to strengthen Rafa Benitez’s squad in next month’s transfer window.

Benitez, United’s manager, was left “frustrated” by the club’s failure to sign a series of summer targets.

Speaking to CNN, Shearer said: “They have a world-class manager in Rafa Benitez. I hope he’s given the tools to be able to show that.

“I spoke to him before the season started and he was pretty frustrated in that he hadn’t been given what he thought he was going to get. They are where they are.”