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Alan Shearer has revealed his concerns about Newcastle United’s summer transfer budget.

The Toon legend feels that Rafa Benitez requires at least £150million to spend this summer as the Magpies prepare for next season’s Premier League campaign.

Benitez is yet to open talks with Ashley, and will do so after the final game of the season with Barnsley.

Speaking in his column in the Sun, Shearer commented: “ Newcastle are at a crossroads and I’m not convinced Mike Ashley will take the right turn.

“What evidence is there that he is going to change now? He clearly acceded to some of Rafa Benitez’s demands last summer, which is why he stayed on to get Newcastle back up…but it is a different ball game now.

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“As soon as promotion was confirmed and Rafa refused to commit his future to Tyneside, I had to worry.

“Quite simply, he needs about eight new players just to turn Newcastle into a mid-table Premier League team.

“Benitez won’t want to go into next season knowing he has a squad only good enough for a relegation scrap. He won’t have it.

“There is a huge opportunity here for Newcastle to establish themselves again as a top-flight force. But he now needs, at the minimum, a £150million investment in new players.

“And I am not convinced that will happen.”