Shearer, who was in charge for the final eight games of that season, and new director of football Joe Kinnear, who had presided over the club for a little more than six months earlier in the campaign, have had a very public difference of opinion over who was responsible for the Magpies' demise.
However, Owen, who has also been criticised for his contribution to a survival fight which came up short, is adamant a combination of factors was to blame.
Michael Owen: "Certainly Alan Shearer was only in charge for a short period of time at the end.
"You certainly cannot blame him for us going down. It was a steady progression over a period of time more so than what Alan did.
"Everyone was really up for the fight when he came in. The enthusiasm was there and the crowd were up for it. Unfortunately, things just did not work the way we hoped."
Motherwell (A) July 16
Rio Ave (A) July 20
Pacos Ferreira (A) July 23
Blackpool (A) July 29
St Mirren (A) July 31
Braga (H) August 10
WE TELL IT AS IT IS - NO BULLSHIT!
Follow Newcastle Utd-Mad on Facebook:-
NEWCASTLE UNITED FIXTURES ...
Saturday August 17
15:00Premier League Manchester City v Newcastle United
Saturday August 24
15:00Premier League Newcastle United v West Ham United
Saturday August 31
15:00Premier League Newcastle United v Fulham Saturday
15:00Premier League Aston Villa v Newcastle United
Saturday September 21
15:00Premier League Newcastle United v Hull City
Saturday September 28
15:00Premier League Everton Newcastle v United
Saturday October 5
15:00Premier League Cardiff City v Newcastle United
Saturday October 19
15:00Premier League Newcastle United v Liverpool
Saturday October 26
15:00Premier League Sunderland v Newcastle United
Saturday November 2