The Toon Army became the richest club in the world earlier this month after a £305m buyout was completed.
However, the ex-Magpie believes that there are notable differences between that deal and the mega-money takeovers that Manchester City and Chelsea enjoyed during the mid ‘00s – as well as arguing that Newcastle supporters need to ‘temper’ their excitement.
“I don’t know if Newcastle fans should be relieved that Mike Ashley’s gone but they can be excited about the future.” Barnes told BonusCodeBets.
“It will take time, it’s not going to be a short-term situation because they can’t spend all the money now. It will be harder than when Abramovich came to Chelsea and the City Abu Dhabi takeover.
“They were able to blow everyone out of the water, but because of the financial constraints on clubs now, Newcastle won’t be able to do that straight away.
“The fans will have to temper their excitement and know that it isn’t going to change overnight.
“They’re not going to be signing the best players in the world in January. They have to try and spend money to improve slowly.”
Newcastle are currently without a manager following the sacking of Steve Bruce last week.
For Barnes, appointing a new manager is a crucial task for the new owners at St James’s Park and he has thrown one name in particular into the equation:
“First of all they have to try and get a manager.
“Ultimately, Steven Gerrard might want to go to Liverpool but I don’t think he’ll do that if he moves to Newcastle.
“Is that going to be the best move if he harbours ambitions to manage Liverpool? Or does he want to go to a club that will give him the possibility to fulfill his ambitions and be a top manager and to win the league?
“The expectations have to be tempered for any manager going there now. If Newcastle finish 15th, and they probably will be around 15th this season, then what does that mean? It has to be a long-term plan.
“Newcastle fans have to be realistic with this season and the priority is to stay up, whether it’s Gerrard, Paulo Fonseca or Antonio Conte.”