Speaking before Redknapp's Portsmouth thrashed Newcastle 4-1 at St James' Park in November, Owen said: "Harry has done a fantastic job building a strong squad.
"He is a very good manager who has done fantastically well at lots of clubs.
"He's had to wheel and deal and been very successful at it.
"But I'm sure that if you gave him a lot of money, he'd spend it wisely as well. Some people have got that knack."