Bob Moncur’s hoping a takeover will make manager Rafa Benitez’s job “easier”.
Newcastle United was put up for sale by owner Mike Ashley last month – and the club is in talks with potential buyers.
Fairs Cup-winning captain and club ambassador Bob Moncur said: “Mike’s said ‘I can’t afford to take it any further’ – he’s quite happy to hand it on to somebody else who can.
“If there’s a takeover, hopefully there’ll be more investment, which will make Rafa’s job a bit easier.”
Promoted Newcastle are 11th in the Premier League.
“If you’d said to me at this stage of the season that we’d be 11th, I’d have said ‘I’ll snap your hand off’,” said Moncur, speaking at the launch of the Tesco Bank Junior Players initiative.
“Rafa’s done a great job with the squad he’s got – he’s a great manager. I think the whole city and the club has been buoyed up by Rafa.
"We've got the best manager in the land as far as I'm concerned and he's doing a great job with what he's got."
Tesco Bank Junior Players is a community sports programme which last year saw 18,500 primary school pupils take part in sports sessions led by the Newcastle United Foundation, Foundation of Light and Newcastle Eagles Community Foundation.
Moncur said: “"I go back to my early days here at Newcastle, and I look around the Newcastle United Foundation, and what Tesco are doing, and I think back in our day there was nothing like this for kids.
"It's great for the community and great for young kids. The Eagles, Newcastle and Sunderland (working in the community) ... it's great to see."
Kate Bradley, head of the Newcastle United Foundation, said: "We're delighted to be extending our partnership with Tesco Bank, alongside the Foundation of Light and Newcastle Eagles Community Foundation.
"Through Tesco Bank Junior Players we're encouraging primary school children to stay active and recognise the benefits of being involved in sport.
"We're engaging with children in a fun and engaging way that will inspire them to keep active."