That's according to talkSPORT pundit and former Premier League star Jamie O'Hara, who believes the 'shocking' Magpies rick ruining the club's ambitious transfer plans if they don't drastically improve on the pitch.
The mood at St James' Park has been a celebratory one ever since the Saudi Public Investment Fund's £305million takeover, but the party atmosphere has been muted somewhat by the team's continued struggles on the pitch.
Newcastle are still yet to register a league victory this season and sit second-bottom of the Premier League table with just four points.
The club's new chairman Yasir al-Rumayyan and part-owner Amanda Staveley decided to sack under-fire Steve Bruce after his 1000th game as a manager - a 3-2 defeat to Tottenham - but results and performances have not improved under interim boss Graeme Jones.
O'Hara was livid with the team's display in their most recent outing - a 3-0 defeat at home to Chelsea - and believes their dismal form could be disastrous for the club's plans ahead of the January transfer window and with their search for a new manager still ongoing.
"Newcastle were shocking, like, shocking - they offered nothing," O'Hara told the talkSPORT Breakfast.
"They just defended for 90 minutes and every time they won the ball back, they gave it away in midfield.
"They had to defend again. The only thing that they literally were trying to do was to get the ball to [Allan] Saint-Maximin.
"Saint-Maximin tried to round two or three players and trying to get a cross in for Callum Wilson.
"It was honestly so bad. They're there with Norwich, in terms of how bad they are this season.
"They are in serious trouble. If Newcastle think that they are going to rock up and get out of trouble in January, they're mistaken, because they've got a long way to go.
"As a group collectively at the back, they are miles off it. Like Championship level."
While fans were immediately discussing their dream signings after the long-awaited takeover went through, it appears the club's short-term target is to maintain their top-flight status.
If they were to get relegated, it would deal a huge blow to their project under the new Saudi ownership.
The likes of Frank Lampard, Unai Emery, Roberto Martinez, Lucien Favre and Paulo Fonseca have all being linked to succeed Bruce in the Newcastle dugout and be the man to take the club forward.
But O'Hara has warned the team they must improve on the pitch to have any chance to attracting a top boss and top players.
"They've got to do something about it," added the ex-Tottenham man.
"They need to get a manager in, but who do they get in? Because it's phase one. You've got to get it right.
"The manager that comes in now has got to be the guy that gets them out of trouble, but might not be the guy that gets them in the Champions League.
"So, you've got to pick the right guy to get the best out of the group right now.
"And also to be able to attract players come January. It's a really difficult place that they find themselves in.
"I'll be honest, I don't know who that guy is - Frank Lampard maybe?"