Michael Owen has until Tuesday to activate the get-out clause in his contract, according to former Newcastle United chairman Freddy Shepherd.The striker has a stipulation in his Magpies deal allowing him to leave, if an interested club offer £9.5million.
The clause was inserted into the contract signed by Owen upon his arrival from Real Madrid two years ago, but Shepherd says there is a deadline.
"Without it, I don't think we would have done the deal, but it is only valid until July 31," Shepherd told the Mail on Sunday.
"After that he would have to stay for another year, unless it was in the club's interest to let him go."
Owen has endured two injury-hit seasons at St James' Park and missed much of the last campaign with a knee problem suffered while playing for England at the World Cup.
Newcastle fought to receive compensation from the Football Association and Shepherd believes the battle was justified.
He added: "We needed a top-class replacement when Alan Shearer retired. Owen was the best around, so we set our stall out to get him.
"But we lost him before he kicked a ball for us last season.
"I took on the FA because I felt it was unfair that England could second a player and then not be responsible for paying his wages if he got injured."
