Bob Moncur: "I don't see this as a bad thing whatsoever. I did not expect him to sign up for three years right now either, so it is not a big surprise to me.
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"I also don't see this as the end for Michael. This was always going to be a major decision for him and understandably, he needs time to make up his mind.
"I don't think he needs convincing the club have great fans or how big Newcastle are, or how much potential there is here. He will already know all of that.
"Basically, the things which are happening in the background are probably the reason why he is taking more time to consider.
"The uncertainties - like the club being up for sale and the fact Newcastle have work to do before they are safe - are the factors behind this, I would imagine, and nothing to do with money.
"Michael is a first-class professional. He is in the same mould as Alan Shearer in that respect.
"I believe he leads his life impeccably off the field, just as he does on it.
"Undoubtedly, there will be two schools of thought from the fans.
"One group may think he owes it to Newcastle to sign on for longer because the club stuck with him through injuries, one of them sustained while on international duty at the World Cup.
"The other will understand he needs more time to see if the club can get the right results in the second half of the season.
"It is a two-way street, because for Newcastle to stay up, they need Michael Owen until the end of the season, and he has agreed to stay.
"He will help them stay up, so I don't think it is a big issue."