The former Tottenham and Marseille attacking midfielder has been expressing his concerns over the latest rumours of United owner Mike Ashley looking to sell the club.
Speaking to
The Sun newspaper, Waddle said the uncertainty surrounding the club and owner does not put the supporters at ease.
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"It is bad news for the fans and I can only see a mid-table finish being the best they can get," he told
The Sun.
"At the moment they are a million miles away from challenging for titles.
"Newcastle need at least four quality players but Kevin (Keegan) will have his work cut out to try and bring them in."
United have dismissed the speculation claiming the club was offered to a New York-based private equity firm as "absolute nonsense".
The word from St James's Park has always been that the owner is building for the future and is not in it to make a quick profit.
However, ex-England international Waddle, who lined up alongside Keegan as a player for United back in the 1980s, said it was understandable fans were concerned.
"It never seems to be a smooth ship at Newcastle and these are worrying times for the fans," he added.
"In the past they have tried to buy success but it doesn't look like Kevin will be given the funds so he will have to wheel and deal."
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