The Falcons are spending little more than half the £6.4m salary cap as they look to get into the black and owner Semore Kurdi is looking for a buyer having controlled the club since 2012 and pumped in more than £20m.
Newcastle lost academy graduates Louie Johnson, Phil Brantingham and Guy Pepper to Premiership rivals in the summer and 21-year-old Argentina lock Pedro Rubiolo, who moved to the north-east at the start of last year after signing his first professional contract, will play for Bristol next season.
"It is frustrating to lose Pedro," said Diamond, Newcastle's director of rugby. "We find people like Pedro, Mateo Carreras and other Argentina players but when the big dogs come paying the top dollar I do not think we can compete.
"It will be like this for the next three or four years. As we build this place, we are going to have to be a selling club and, anyway, not many clubs would be able to compete with what Pedro will be getting at Bristol.
"We can take credit for identifying players and bringing them through, but there will always be parasitical behaviour when the bigger clubs come in and nick your players.
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