The thing is with them, and we found this too, is that the "top young players" are just going to have no interest in going there. Malaga were owned by a Sheikh for a bit, and Malaga is sunny, warm and are a bigger club than Newcastle, and they couldn't attract said players. Newcastle have no name recognition, they've not won a league in almost any living person's lifetime, and have not played in Europe in most of the players living lifetime. There is just no way they will attract players, who want to win things over the next 3-4 years. They don't have the stadium, name, training facilities, tradition etc to attract such players.
People talk about Chelsea, but Chelsea were a top 6 team when taken over, and had been regularly trophy winners and title challengers. So it was easier for them to go and get those top players. It didn't seem such a big jump. City was slightly different granted, but they were still top half and pumped a fair bit in in the previous couple of seasons. They were probably where we are now, and so the jump was more doable. Newcastle are perennial relegation fodder. They have a long way to jump back.
If the plan is top young players, they are going to really struggle to execute that game plan.