Benitez officially departed St James’ Park on Sunday after three years in charge of the Toon, and wasted little time in moving on to a new role.
The Spaniard has signed a deal to become the new manager of Chinese club Dalian Yifang, where he will be paid a reported £12million-a-year.
Benitez said he left Newcastle because he and owner Mike Ashley did not ‘share the same vision’ for the team.
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But, by moving to China, Cascarino says he has ‘diluted’ his own message, as there is ‘no other reason’ to move to the Far East other than for money.
“I’m disappointed that a Champions League-winning manager and a Spanish league winner going to manage in China,” said the former Chelsea striker on Wednesday’s Sports Breakfast.
“We know he’s made a hell of a lot of money in football over the last 20 odd years as a manager, and rightly so.
“I don’t believe Newcastle’s offer wasn’t anything short of decent, a lot of money and a lot of incentives within the contract.
“I’m sure Newcastle pushed the boat out to make Rafa the highest paid manager they’ve probably had in their history.