Newcastle have made a profit of around £23m over the summer transfer window, and many fans have still been left frustrated by Mike Ashley's lack of spending.
Newcastle fans have endured a tough summer on the transfer front, but their owner has managed a profit of £23m in preparation for their 2018/19 Premier League campaign, spending around £30m on arrivals.
The Magpies sold two of last season's key players in Aleksandr Mitrovic and Mikel Merino for a combined total of around £30m, with several other departures from Tyneside - yet failed fully invest in their squad in order to progress in their second season back in England's top division.
Shearer said: "No, I'm not (happy). I'm exactly the same as the Newcastle fans because Rafa has not been given the ammunition to take the club forward.
"Again, Newcastle are in profit in this transfer window — around about £23m. Plus for finishing 10th last year you get about £123m (in Premier League prize money)."
Newcastle fans will be hoping that Benitez can emulate what he did last season on a limited budget, when the Spaniard guided his side to tenth in the Premier League table. But it might be tough.