Newcastle striker Michael Owen has until July 31 to activate a get-out clause in his contract with The Magpies, according to former chairman Freddy Shepherd.

Owen has a condition in his contract which allows him to leave if an interested party offer £9.5 million, but it is subject to a timescale.

The clause was written into the England international's agreement when he signed from Real Madrid two years ago, but Shepherd has revealed that there is a deadline if the player wishes to take advantage.

"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 newspaper.

"After that he would have to stay for another year, unless it was in the club's interest to let him go."

Owen has been plagued by injury since joining The Magpies in the summer of 2005, and is currently struggling with a thigh problem picked up in pre-season.

Shepherd feels that Owen now needs to repay the club following Newcastle's support during the player's rehabilitation.

"Michael Owen owes Newcastle a lot. I think he's played more times for England than Newcastle," Shepherd told BBC Five Live.