After a terrific start to the season, sitting as high as fourth in mid-October, the Magpies have lost six of their last seven top flight games and now find themselves in 16th position and only two points above the relegation zone.
Rather than blame the players or manager however, Cole, who scored 68 goals in 85 appearances for Newcastle in the mid-90s, believes it is club owner Mike Ashley who is at fault.
“That has happened and I don’t think he has given him a bead. So how are you going to stay in the Premier League if you don’t back your manager with financial resources?
“I believe the problems stem from him.”