Rafa Benitez says he looks around the Premier League and sees players in rival teams who he wanted to sign but could not afford - and that is why Newcastle have lost four matches on the spin.
The Spaniard warned after the closure of the transfer window that his squad was short in several areas and £5million striker Joselu continues to lead the line despite scoring just twice this term.
They did, however, make a good start to the season and were sixth in the table as recently as last month.
But Saturday’s 3-0 defeat at home to Watford has seen them slip to 14th with trips to West Brom and Chelsea to come this week, and Benitez says it could get worse before it gets better, especially as doubts remain over the proposed takeover of the club.