Olivier Bernard says Newcastle United must splash out this summer or risk losing their best players.
The former Toon midfielder says the current squad will be seeking a show of ambition from the board.
Bernard told the Evening Chronicle: "Under Freddy Shepherd the club went crazy and we bought players and had a talented team.
"People had an idea of how the club was run.
"The way the club is run nowadays is a bit different.
"Yes, they have made profit. But investment hasn't always been made.
"There is TV money there now and I think they will spend bigger than what they have done.
"The only thing is everybody is getting the TV money and everybody will spend as much.
"I don't see bigger signings than we already have but that's what is needed."