LONDON: Michael Owen must take a £25,000 (Rs 18 lakh, approx)-a-week pay cut or leave Newcastle.
 
The 29-year-old England striker's current £105,000 (Rs 76 lakh, approx)-a-week deal runs out next summer but the new three-year offer is £80,000 (Rs 58 lakh, approx).

Toon owner Mike Ashley has finally made his move to keep the hitman.
 
A series of bonuses could boost his weekly wage if he plays in 80 per cent of games.

Owen has had an injury-ravaged spell on Tyneside, starting just over 40 per cent of Premier League games since his £17million move from Real Madrid in August 2005.