United on Red alert: Toon tell Owen to accept £30k a-week pay slash

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Owen's £110,000-a-week deal has 12 months left and there is growing concern at St James' Park that he will negotiate a move for nothing in January.

The 28-year-old's representatives have, surprisingly, been invited for only one round of talks with Newcastle officials.

Owen (right): Set for a pay cut - or a move away from St James' Park

They were told that Owen's new offer, in line with an across-the-board reduction in player salaries, would be around £80,000-a-week.

To help offset the cut in pay, Owen will be offered potential bonuses to bring his new package closer to his current deal.

Owner Mike Ashley wants a huge reduction in the wage bill, which has six players on more than £3million a year, and is keen that Owen leads the way by agreeing to take less.

If Owen turns down Newcastle's offer, he will be allowed to leave for around £5m, with Manchester United monitoring the situation.