The Newcastle United icon has provided a blunt assessment of the St James' Park outfit's summer.
The Tyneside outfit have spent extremely little in recent transfer windows, instead posting record profits as the first team dwindles in the Premier League.
Recent form has taken dwindling to a new level, however, with Newcastle absolutely plummeting down the table under boss John Carver.
And Lee feels spending £20m on a marquee player or perhaps three or four first-teamers won't be good enough for Ashley to change things for Newcastle.
Indeed, the ex-midfielder sees £100m - at least - as the requisite amount for the Magpies to enjoy an improved campaign next season.
He told the Chronicle: “Spending £20m will mean the club will just stand still.
“It’s a huge investment to spend £100m but that’s what is needed to spend on the playing staff - at least. Unless we invest majorly in the summer it isn’t going to get better.”
Fears have started to increase about Newcastle's top-flight status, with the St James' Park side 14th in the table but now just five points off the relegation zone.
Carver's men have four games to achieve what it takes to survive - with cumulative guesses suggesting one more win could do the trick. But the Magpies have lost all of their last seven games.