Michael Owen's advisers will re-open talks with Newcastle at the start of next week aimed at extending his current deal, but with the club insisting the England international takes a pay cut.
Owen's £110,000-a-week deal has 12 months left and there is growing concern at St James' Park that he will negotiate a move for nothing in January.
Confirmed - Owen Takes Pay Cut!
By Nu Mad
Updated Saturday, 12th July 2008
The 28-year-old's new offer will be in line with an across-the-board reduction in player salaries.
According to the Chronicle, that would be around £80,000-a-week.
But, Owen will be offered potential bonuses to bring his new package closer to his current deal.
Mike Ashley has been concerned about Owen's poor appearance record since he signed from Real Madrid three years ago, and the deal seems to be - he plays - he gets full money.
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