That is according to former Magpies boss Sam Allardyce.
Newcastle spent £36.4m on players during the transfer window but Benitez and supporters were both left feeling downbeat about the club's transfer business.
Ashley told the Spaniard he would receive every penny the club generated, which went some way in ensuring Benitez stayed at the club after achieving promotion.
However, Newcastle refused to stump up big transfer fees and subsequently missed out on key targets at the start of the window.
To add to the woes, fellow newly-promoted sides Brighton and Huddersfield both outspent Newcastle by a significant amount.
But Allardyce believes it is Benitez who should be questioned, not owner Ashley.
“Mike has openly said he’s given Rafa all the money he could possibly give him that’s generated by Newcastle. I don’t think you can ask anymore than that. But it’s how you spend that money and who you spend it on,” he told talkSPORT.
"Of course he openly said you can’t compete with Manchester City, as much as the fans would want them to.
“They can’t compete with Manchester United, Manchester City, Arsenal, Chelsea even perhaps Everton, certainly not Liverpool. Financially they just can’t get there; you have to do the best you possibly can with what you get."
Newcastle returned to the Premier League at the first time of asking, winning the Championship title on the final day of last season.
And Allardyce believes fans should focus on assuring they stay there, rather than getting ahead of themselves.
“Newcastle should be happy to finish in the Premier League for next season and then build from there and try not to put too much pressure on the players.”
