Newcastle manager Eddie Howe has told the club's fans "the dream is not over, it's just going to take a lot, lot longer".
When Amanda Staveley helped complete the Saudi-backed takeover of Newcastle in 2021, she claimed the Magpies could win the Premier League within 10 years.
They qualified for the Champions League in 2022-23 but finished seventh last term and Staveley sold her minority shareholding in the close season.
This summer, they have been struggling to complete deals to sign Crystal Palace defender Marc Guehi and Burnley goalkeeper James Trafford.
Asked if the club's fans had been sold a false dream, Howe, who has managed the side since 2021, said: "I don't think the dream dies, necessarily, but I think it takes a lot longer.