Toon have taken issue with some of Owen's tweets this week.
Owen, responding to criticism after signing an extension to his contract at Old Trafford, wrote: "Prefer playing less often in a top team than every game in a poor team. Been there and didn't enjoy it."
Llambias told the Daily Express: "Michael is the most expensive signing Newcastle has ever made and I'm disappointed with his comments.
"Under Kevin Keegan's management he was offered a one-year extension at £140,000 a week which he did not take. He was already on £133,000 a week.
"Quite honestly, what did Newcastle United get out of it? His time here cost £40-odd million, about £1.3m per goal."
And former co-owner Freddy Shepherd, who brought Owen to Newcastle from Real Madrid in the summer of 2005, also believes the forward should show more respect to his old employers.
He added: "We might have been a poor team, but we made him a rich man.
"It works out at around £500,000 for every game in a Newcastle shirt. Poor? Well, he wasn't poorer for it.
"He spent more time ferrying between Cheshire and Tyneside in his £3.5m helicopter."