Michael Owen's future will be determined in the next 24 hours after Liverpool belatedly joined Newcastle in tabling a formal offer with Real Madrid for the unsettled England striker.
Owen held talks with officials from both Premiership clubs yesterday while Real considered Liverpool's proposal, though the Spanish are understood to be unimpressed that the European champions are keen to sign Owen initially on loan for 12 months with a view to a transfer in a year. The fee would equate to just over £8 million, the same amount paid to Liverpool for the striker last summer.
Real still owe Liverpool £4 million on the original deal but must now decide whether to accept a fee effectively worth half the £16 million already offered by Newcastle. Given their attempts to raise funds to buy Sevilla's full-back Sergio Ramos, who has an £18.4 million buy-out clause in his contract, their instinct remains to push Owen towards Tyneside.
Yet the ultimate decision remains with the player. Liverpool held "positive" talks with the striker yesterday morning, with Newcastle boasting an air of confidence after holding their own discussions with Owen at the chairman Freddy Shepherd's house in Northumberland. The club's deputy chairman and major shareholder Douglas Hall was present at the five-hour meeting, as was Graeme Souness, his assistant Dean Saunders and Alan Shearer.
Shearer has no little leverage on his former national team-mate through their common agent Tony Stephens.
Owen and Stephens first met Liverpool's chief executive Rick Parry and manager Rafael Benitez, with the player making it clear to them that his preference remains to return to Anfield.
The player will weigh his options overnight before confirming his decision today.
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