Football FanCast columnist Rob Facey says it is a sad reflection of the club's fall from grace that investors are choosing clubs such as Notts County ahead of Newcastle.
Barry Moat's proposed takeover at Newcastle could still be months away after it emerged that the local business has not raised the £20m sum needed in order for the provisional agreement to be signed.
Mike Ashley extended the takeover deadline on Monday but has given very little information about the who, what and why.
Talks are ongoing between Moat and Barclays bank, who are thought to be lending Moat a hefty chunk of the overall fee, but the FA can not start any of the due diligence paperwork until an agreement has been made.
Events at Fratton Park show that this could be a time consuming process and, while Newcastle have made a great start on the pitch, it is worrying that there seems to be little improvement in the running of the club off it.
Chris Hughton, who is still caretaker manager, has acknowledged this but also made it perfectly clear that Moat, or whoever comes in, must be prepared to invest in players, although it would be highly unlikely for the club to buy anyone before next week.
"What has papered over the cracks is that we've been very fortunate with injuries and haven't really had more than two at the same time, which is very unusual," he said, as reported in The Times.
"Consequently we've been able to cope with that but there will be a time, of course, when that changes, when the volume of games over a sustained period will cause problems. We need two or three new faces, but that's on the basis that no-one else leaves. The squad has to be boosted because of the amount of games we face."
Sol Campbell was a Newcastle target before opting to join Notts County. The reason I mention this is because it is a sign of the times that billionaire owners are choosing to invest in sides like Notts County rather than Newcastle.
Have years of mismanagement and underachievement turned any prospective owners away? Are they seen, in business terms, as a drain of resources? Trying to please a demanding fan base at a high cost needs a well oiled machine.
Right now, the machine is in need of a good clean but this is not going to happen with Ashley at the helm, and it will be worrying that there are now fresh doubts over Moat's finances.
The last thing the club need is another Ashley-type figure. But, at this stage, are they in any position to be picky?
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