Newcastle have been relegated from the Premier League and will play in the Championship next season.
The Magpies have some very good players, but as a team, they have underperformed throughout the season.
Ashley did invest in the squad, both in the summer of 2015 and in the January transfer window, but the result has been far from expected.
Former Newcastle owner and current life president Hall believes that Ashley should take action against those who have let him down.
“If I was Mike Ashley I’d be very p***** off,” Hall told The Sun. “Mike’s given that leadership to the people at the club and I don’t think they are up to it.
“He’s put the cash in and those purchases, which have been made by the staff at St James’ Park, have been hopeless.
“The time is nigh for a complete re-appraisal. You cannot let the existing management of the club stay on.”
Newcastle have a big summer ahead in which they have to make the right signings for life in the Championship.
Moreover, the Magpies will need a manager capable of guiding the team back to promotion to the Premier League, if current boss Rafael Benitez does not stay.
Newcastle will take on Tottenham Hotspur at St. James’ Park in the Premier League on Sunday afternoon.