The Magpies remain a club in turmoil as owner Mike Ashley seeks to offload his £130million investment, on which he has spent a further £100million to service debt.

Joe Kinnear is trying to stabilise the team after being appointed interim manager but with uncertainty over the club's future owners, there is still little stability.

Gullit, who managed to club from 1998-99, feels for the supporters who have seen their side collect just five points from their opening seven Barclays Premier League games.

The Dutchman, speaking from Los Angeles where he trained competition winners at a football tournament run by Ford's FeelFootball.com, told PA Sport: "I think it is terrible for the club.

"I hope they will find a solution as soon as possible and that they can compete in the future and it will be resolved.

"There is expectation from the fans but they just want to have a little bit of success, they are very proud of the club.

"There is a lot of pressure from both outdoors and indoors. It starts at the top and if there they are okay then they have a chance."

Newcastle have attracted a reputation for disposing of managers too quickly in the past and Gullit hopes the club's next owners are prepared to show more patience.

The 46-year-old added: "Everybody has difficulties there, so maybe they have to look at themselves instead of the managers!"

The investment bank appointed by Ashley last month to handle the sale revealed their confidence on Monday night that a suitable new owner for the club will be found soon.

A number of foreign consortia have been reported as interested and Keith Harris, chairman of Seymour Pierce, insists Newcastle are an attractive proposition.

Harris told BBC Radio 5 Live: "I'm quietly confident there'll be a good solution for Mike and the fans.

"In his time of owning it, Mike has cleaned up the balance sheets and Newcastle is one of the few clubs that has no debt whatsoever, so that makes it very attractive to an incoming owner."

Meanwhile Gullit, who is out of top-level coaching after parting company with LA Galaxy in August, has denied reports he has accepted a role as ambassador for former club AC Milan.