Owen's representatives were not involved, so obviously it was a 'heart-to-heart' with Ashley still unsure what to do, with Owen demanding an amazing £120,000 per week.
Keegan is becoming irritated at the failure to extend Owen's St James's Park stay.
Keegan: "I am not trying to be awkward.
"Michael is a very special player. He is very important to this club and my vision for it.
"If other people do not share that it is their problem. I do not say these things publicly for any other reason than I believe it.
"I know the kind of people you need at a football club. You can wait a lifetime for people who can help take it forward and he is one.
"My job is to manage the club and that is what I am trying to do."
Personally ... for once ... I'm with Ashley on this one.
No-one can say the England international has been value for money since his transfer from Real Madrid, and there have been times when fans have wondered if we are simply "keeping him warm" for his appearances for England.
He missed all six pre-season fixtures, has yet to start a match for Newcastle this season and already there is talk about him playing for England!
In three years since he signed Newcastle have played 151 competitive fixtures, and we have only won 15 that Owen has started.
I had to laugh this week when Keegan said Owen's goal per two games at Newcastle is as good as Alan Shearer's record!
At the rate of appearances Owen makes, he would be about 96 before he beat Shearer's 208 Newcastle goals!
Ashley has doubts about Owen, and no-one can say the fans have taken him to their hearts because ... even after three years ... he doesn't seem one of us.
We never see enough of him!