Newcastle boss Eddie Howe says the squad will need greater investment if they're to meet the owners' ambitions.
Director Amanda Staveley responded to defeat in the Carabao Cup final when, during an interview with talkSPORT, she declared: "We will win the Carabao Cup, we will win the FA Cup, we will win the Champions League and we will win the Premier League."
Howe says the Wembley defeat was a reminder that his squad is still short when it comes to bridging the gap to the top teams.
"It is difficult for me to say, 'Yes, categorically, only money can do that', because it takes away one of my core beliefs that you can improve players and take them on a journey with you," said Howe.
"But there is an element of truth in that you need investment to really compete at the elite level. And we're talking to disturb the top group of teams, it's difficult to do that without that investment.
"So I do feel we have more (spending) to go. We need a bigger squad. We have been stretched at times this season. We need to do that (invest) wisely and smartly."
Of Staveley's comments, Howe said: "I love Amanda's positivity. I've got no issue with it. All I'd say is, from my perspective, there's no time limit on that because if we set targets that are maybe too short-term, that can have a negative effect and it can build external pressure that the players don't need.
"The next leap (forward) is harder. The speed with which the team has improved has been so quick that people assume that is simply going to continue. But it's not that easy.
"Getting better gets harder the higher you go. So, we have big challenges ahead and we are going to have to be smart in what we do. My work will be judged on that evolution of the team."