"If Newcastle seriously wanted to build a team around and behind Michael Owen then they should have wrapped it up a year or more ago," Supermac told the Telegraph.
"They failed to do anything about it a year ago when they should have been acting. They didn't because the whole place is in complete turmoil.
"I first came into the top division in 1971 and in all I have never seen a club in such turmoil in all those years as Newcastle United are right now.
"Allowing a goal scorer of his calibre to get into this contractual situation speaks volumes, not so much about Michael Owen but about the current owner of Newcastle United and where he sights really lie. He's trying to get his money back on the club."