Newcastle’s board and Steve McClaren have both received criticism from supporters this season, but Redknapp does not believe they are to blame.
Instead, the former Tottenham Hotspur boss says the responsibility for Newcastle’s terrible campaign lies solely with the players.
“Newcastle have spent heavily to try and stay up, and as with Randy Lerner I think people are far too harsh on Mike Ashley,” he said.
“He has spent something like £70m since the start of the summer, but again it has been spent badly. He’s also had two very good managers in place in Steve McClaren and Rafael Benitez, so for me the players are to blame again.
“But it’s not too late for them.”
Newcastle have been worryingly poor this term, and their chances of staying in the Premier League are becoming slimmer by the game.
The Magpies are winless in their last seven matches, with their poor form showing no signs of slowing down.
Newcastle were beaten 3-1 by Southampton at St. Mary’s last weekend, after putting in another below par performance.
The Magpies are next in action at the weekend, when they take on Swansea City at St. James’ Park and any result other than a victory would be disastrous.